JAKARTA – Throughout the first quarter (Q1) of 2024, net profit attributable to the parent entity of PT Semen Indonesia (Persero) Tbk (SMGR) decreased 16% year-on-year (yoy) to IDR 471.81 billion from IDR 561.61 billion seen in the same period in 2023.

The performance shifted according to the trend of revenue decline, particularly seen in cement sales to the third party. Based on the Financial Report of Q1 2024 quoted today (13/5), the revenue clocked up to IDR 8.37 trillion, down 6.26% yoy from IDR 8.93 trillion in Q1 2023.

Third-party sales were reported at IDR 7.85 trillion, down from IDR 8.43 trillion, while related parties generated IDR 519.30 billion, also down from IDR 504.65 billion.

This state-owned enterprise reported gross profit of IDR 2.20 trillion, down from IDR 2.44 trillion. The gross profit margin also slipped to 26.34% from Q1 2023’s position at 27.36%. Meanwhile, the current year’s net profit slipped 19.20% yoy to IDR 470.83 billion from IDR 582.76 billion. (LK/ZH)