JAKARTA. PT Panca Budi Idaman Tbk (PBID), a plastic packaging manufacturer and distributor, booked net profit of IDR 374.15 billion in 2023, up 6% year-on-year (yoy).

On the contrary, throughout 2023, PBID’s sales reportedly slumped 6.5% yoy to IDR 4.7 trillion. Its sales in 2022 managed to reach IDR 5.03 trillion.

PBID’s sales decline triggered a decrease in costs of sales by up to 8.6% yoy to IDR 3.8 trillion in 2023. In addition, the company also managed to boost its other income by 12 times the initial amount to IDR 19.2 billion, as well as its finance income by 50% to IDR 11.87 billion.

According to the recently issued financial report, most of PBID’s sales in 2023 was supported by plastic packaging products’ sales, contributing IDR 3.23 trillion of sales. Then, plastic ores’ sales followed with IDR 1.12 trillion, while other sales generated IDR 343.8 billion.

PBID’s sales decline was both apparent in domestic and export markets. Local sales reportedly shrank 5.8% yoy to IDR 4.19 trillion, while export saw 31% downturn shift to IDR 93 billion.

As of December 31, 2023, PT Alphen Internasional Corporindo controls 74.67% of PBID, followed by 8.36% owned by Djonny Taslim, 1.55% by Vicky Taslim, another 1.55% by Robby Taslim, and 13.87% by retail investors. (KR/ZH)