JAKARTA – PT Boga Mulia Raya Tbk (KEJU) is experiencing stagnation in its net sales in 2022, so it is only able to reach IDR 1.04 trillion. This stunted growth was due to the post-pandemic normalization of cheese consumption and fluctuating raw material prices.

"We also spent a lot of investment to market our products aggressively in e-commerce and modern trade," added Paulus Tedjosutikno, President Director of KEJU, at the 2023 Public Expose today (12/4). These promos also caused expenses to increase, so that net sales only increased by 0.02% year-on-year (yoy).

Stable net sales then contributed to a decline in profits of up to 18% yoy, from IDR 144.7 billion in 2021 to IDR 117.4 billion at the end of the 2022 financial year.

However, product marketing methods proved to be quite successful, especially after recording a 10% yoy increase in sales volume. Then, KEJU is also said to have won the market share and penetration rate in modern and general trade in 2022 compared to 4 other brands of cheese products in Indonesia. "These results are taken from the results of a study by a research institute," added Tedjosutikno. (ZH/LM)