JAKARTA. PT Formosa Ingredient Factory Tbk (BOBA), a supplier of food and beverage ingredient for several infamous brands in Indonesia, booking net profit of IDR 7.11 billion in the first half of 2024.

Its net profit shot up by 119.4% year-on-year (yoy) from the same period last year. In H1 2023, BOBA only scored net profit of IDR 3.24 billion.

In the recently issued financial report, BOBA’s net profit in H1 2024 was seen being driven by sales that reached IDR 88.73 billion. Its sales went up 34.8% yoy from IDR 62.12 billion in H1 2023.

Food and beverage segment remained the primary contributor of BOBA’s net sales in H1 2024, recording IDR 83.86 billion. Then, machine sales brought in IDR 23.42 million, while discounts and returned sales were reported at IDR 149.17 million.

As of June 30, 2024, BOBA’s total assets were at IDR 172.79 billion, with cash and cash equivalent of IDR 10.33 billion and total equity of IDR 150.07 billion. (KR/ZH)