JAKARTA – The profit of PT Mandiri Herindo Adiperkasa Tbk (MAHA) shrank 46.58% year-on-year (yoy) due to increased financial expenses and unrealised loss of stock investment, despite its revenue soaring 20.45% yoy in 2023.

Based on Financial Report 2023 quoted today (13/3), MAHA’s profit attributed to parent entity was IDR 267.94 billion, down from IDR 501.62 billion. This decline in revenue resulted from financial expenses that were enlarged by 123.77% yoy to IDR 30.31 billion from IDR 13.54 billion. Furthermore, unrealised loss of stock investment was reported at IDR 97.68 billion, down from unrealised gains of investment of IDR 167.20 billion.

The operating profit was recorded at IDR 467.99 billion, up 11% yoy from IDR 421.58 billion. The gross profit also increased 19.16% yoy to IDR 498.55 billion from IDR 418.36 billion. However, its gross profit margin was reported at 25.20%, slipping from 25.48% in 2022.

MAHA’s revenue clocked up to IDR 1.97 trillion, up from IDR 1.64 trillion in 2022. In 2023, its sales mostly came from East Kalimantan of IDR 1.56 trillion and Central Kalimantan of IDR 63.28 billion. In 2022, East Kalimantan generated IDR 1.21 trillion of sales, followed by Central Kalimantan of IDR 76.42 billion. (LK/ZH)