JAKARTA. PT Japfa Comfeed Indonesia Tbk (JPFA) booked net profit of IDR 929.72 billion throughout 2023, down 34.5% year-on-year (yoy) or from 2022, due to increased operational expenses.

In fact, JPFA’s net sales in 2023 grew 4.5% yoy to IDR 51.17 trillion. In 2022, its revenue only clocked up to IDR 48.97 trillion.

Despite a positive shift in revenue, JPFA was charged with higher costs of sales in 2023, amounting to IDR 43.66 trillion. Meanwhile, the costs of sales in 2022 was 5.73% lower, or equal to IDR 41.29 trillion.

Furthermore, selling and marketing expenses of JPFA in 2023 rose 15% yoy to IDR 2.08 trillion. Then, general and administrative expenses increased 3.06% yoy to IDR 3.16 trillion, as did its financial expenses by 20.7% yoy to IDR 988.5 billion.

The net profit decline drove JPFA’s earning per share (EPS) down to IDR 80. In 2022, its EPS managed to reach IDR 122.

For the record, JPFA’s net profit in 2023 was at its lowest since 2021. In 2022, it managed to score net profit of IDR 1.02 trillion, while in 2021, the net profit only reached IDR 1.42 trillion. (KR/ZH)