JAKARTA - PT Semen Indonesia (Persero) Tbk (SMGR) reported revenue surge of 6.24% year-on-year (yoy) in 2023. However, its net profit shrank 8.20% yoy from 2022. Profit decline was caused by increased cost of revenue and income tax, as well as decreased net operating profit.

In the Financial Report 2023 quoted Wednesday (13/3), this issuer raked in revenue of IDR 38.65 trillion, up from IDR 36.78 trillion seen in 2022. The gross profit then declined 4.69% yoy from IDR 10.67 trillion to IDR 10.17 trillion, resulting in gross profit margin of 26.32%, lower than gross profit margin in 2022 of 29.35%.

In addition, its current year’s net profit was reported at IDR 2.29 trillion, down 8.16% yoy from 2022 profit of IDR 2.49 trillion. The net profit attributable to the parent entity was IDR 2.17 trillion, down from IDR 2.36 trillion, while the profit attributed to non-controllers was IDR 125.10 billion, also slipping 6.81% yoy from IDR 134.24 billion.

The main component of the revenue was third-party sales of IDR 36.39 trillion, followed by related-party sales of IDR 2.25 trillion. Cement products reportedly generated IDR 30.69 trillion of revenue, followed by clinker of IDR 3.27 trillion, finished and ready-mix concrete of IDR 1.82 trillion, non-cement building materials of IDR 734.45 billion, land lease of IDR 11.509 billion, cement bags of IDR 40.84 billion, and others of IDR 816.44 billion. (LK/ZH)