JAKARTA – Revenue of PT Buyung Poetra Sembada Tbk (HOKI), a rice manufacturer known with its brand, Topi Koki, reportedly increased slightly by 6% year-on-year (yoy) to IDR 744 billion at the end of the first half (H1) of 2024.

This shy climb resulted in massive improvement its profitability. According to Financial Report of H1 2024, HOKI reported current year’s net profit of IDR 15.3 billion, or in other words, a significant jump of over 400% yoy from net loss of IDR 4.9 billion seen in H1 2023.

The uptrend in its financial performance went hand-in-hand with HOKI’s high-performing subsidiaries, such as PT Hoki Investasi Sejati (HIS) that is engaged in financial investment sector and managed to bring in dividend income of up to IDR 8.7 billion for the company in H1 2024.

In addition, business diversification to FMCG industry through Dailymeal products’ sales, managed by PT Hoki Distribusi Niaga (HDN), also saw a rapid shift of up to 145% yoy to IDR 5.4 billion.

Quoting its official release today (2/8), HOKI is planning to establish to build a new factory for Dailymeal production in Central Java, which is projected to taking commission in mid-2025. For this plan, HOKI is said to have budgeted capital expenditure worth IDR 12 billion.

The government is known to have bumped up the highest retail price for medium and premium rice to IDR 12,500 and IDR 14,900 per kg.

“As a top-quality rice manufacturer, surely, we will comply with the regulation from the government. And of course, we hope that HOKI’s performance could improve in the second half of 2024,” concluded Budiman Susilo, Director of HOKI. (ZH)