JAKARTA. The significant decreases of its expenses managed to boost the current year's net profit of PT Semen Indonesia (Persero) Tbk (SMGR) by 15.54% year-on-year (yoy) to IDR 2.36 trillion in 2022.

Based on the Financial Report as of December 31, 2022, SMGR's revenue in 2022 clocked up to IDR 36.37 trillion, 0.88% lower than IDR 36.7 trillion seen in 2021. Furthermore, the company recorded increased costs of revenue from IDR 24.97 trillion to IDR 25.7 trillion, bringing down its gross profit down by 8.96% yoy to IDR 10.67 trillion at the end of 2022.

However, efficiency strategies implemented by SMGR managed to cut off some expenses, including selling expenses that were down by 10.39% yoy to IDR 2.94 trillion, financial expenses that shrank 21.04% yoy to IDR 1.42 trillion, and income tax expenses that declined 43.69% yoy to IDR 799.75 billion. Efficiency strategies were also seen affecting other expenses, thus allowing SMGR to book the current year's net profit attributable to the parent entity of IDR 2.36 trillion, soaring 15.54% yoy from IDR 2.04 trillion in 2021.

From its balance sheet, SMGR reported higher assets of 1.45% yoy from IDR 81.76 trillion to IDR 82.96 trillion. Its liabilities were seen decreasing 10.34% yoy from IDR 37.11 trillion to IDR 33.27 trillion. (AM/ZH)