JAKARTA. PT Cemindo Gemilang Tbk (CMNT), a cement manufacturer of Merah Putih brand, has signed an extension of collaboration with PT Semen Bosowa Indonesia.

Vince Erlington Indigo, Vice President Director of CMNT, said that the agreement signed alongside Semen Bosowa covers operational cooperation contract No.027/CG/XI/2019 and leasing contract No.026/CG-SBI/XI/2019. Both contracts are extended until November 29, 2029.

Indigo also mentioned that the extended cooperation agreement will ensure production capacity of the company. “It will also ensure sustainability of the company, which will reinforce its financial position to grant added value to stakeholders,” he explained in the information disclosure in Indonesia Stock Exchange (IDX).

According to IDNFinancials data, CMNT scored net profit of IDR 223.24 billion at the end of the first half of 2023. The net profit proliferated 345.8% year-on-year (yoy) from IDR 50.07 billion seen in the same period last year.

Meanwhile, in the top-line segment, CMNT’s revenue was actually corrected 3.22% to IDR 4.32 trillion in H1 2023. In the same period last year, the company recorded revenue of IDR 4.46 trillion. (KR/ZH)