JAKARTA. PT Charoen Pokphand Indonesia Tbk (CPIN), an animal feed and agriculture company, only recorded net profit of IDR 2.31 trillion in 2023, down 20.8% year-on-year (yoy).

CPIN’s net sales in 2023 actually grew 8.3% yoy to IDR 61.61 trillion. In 2022, its net sales were recorded at IDR 56.87 trillion.

According to IDNFinancials data, CPIN’s net profit decline in 2023 was due to increased operational expenses, as seen from costs of sales that swelled 9.5% yoy to IDR 53.3 trillion, selling expenses that rose 20% yoy to IDR 2.35 trillion, as well as general and administrative expenses that grew 8.5% yoy to IDR 1.97 trillion.

In addition, CPIN’s financial expenses also increased by up to 65% yoy to IDR 697 billion in 2023. Furthermore, its income tax expenses went up 11.8% yoy to IDR 676.79 billion.

This decline in net profit dragged CPIN’s earning per share (EPS) in 2023 down to IDR 141. In 2022, EPS of CPIN was still at IDR 179.

In terms of assets, CPIN recorded increase of 2.8% yoy in 2023 to IDR 40.97 trillion, as did its total equity that rose 2.6% yoy to IDR 27.03 billion.

It is worth mentioning that CPIN is an issuer listed as a constituent of Indeks Tempo-IDNFinancials 52, which consists of 52 top publicly-listed companies according to historical data of IDNFinancials from 2018 to 2022. (KR/ZH)