JAKARTA. PT Formosa Ingredient Factory Tbk (BOBA), the supplier of drinks’ ingredients and toppings for various infamous food & beverages (F&B) franchises in Indonesia, reported net profit of IDR 14.96 billion throughout 2023.

BOBA’s net profit in 2023 grew 39.3% year-on-year (yoy). This increase resulted from its sales that soared 26.6% yoy higher to IDR 153.78 billion.

BOBA’s users with contribution to total net sales of over 10% are PT Quaker Indonesia and PT Kurniamitra Duta Sentosa Tbk (KMDS). Total net sales to Quaker Indonesia were reported at IDR 71.13 billion, while KMDS brought in IDR 40.84 billion.

In terms of region, most of BOBA’s sales were still concentrated in Jakarta, with total sales of IDR 108.38 billion. For sales outside Jakarta, the number was seen at IDR 45.39 billion.

According to IDNFinancials data, BOBA recorded total assets of IDR 175.63 billion as of December 31, 2023, with cash and cash equivalent of IDR 6.92 billion. Meanwhile, its total equity was reported at IDR 151.05 billion.

Despite the positive fundamental performance, investors have yet to show significant respond towards BOBA’s shares.

According to IDNFinancials data, BOBA’s shares on today’s (20/3) session stagnated at IDR 162 per share. The stock price has been seen declining 5 points or 2.99% lower since the beginning of the year, or 12 points or 6.90% lower within the past year of trading. (KR/ZH)