JAKARTA – Although PT Alkindo Naratama Tbk (ALDO) sported 17.91% year-on-year (yoy) revenue growth, its profit faced a sharp downturn of 96.30% yoy in 2023 compared to 2022, due to increased cost of revenue and financial expenses.

In the Financial Report Year2023 quoted Monday (1/4), the issuer booked revenue of IDR 1.65 trillion, increasing from IDR 1.40 trillion seen in 2022 revenue. However, its gross profit declined to IDR 227.75 billion from IDR 255.41 billion due to increased cost of revenue. Its gross profit margin then arrived at 13.78%, way below the margin seen in 2022, at 18.21%.

Furthermore, operating profit also reportedly declined to IDR 45.70 billion, halved from IDR 100.12 billion, resulting in profit before tax of IDR 4 billion, significantly shrinking from IDR 84.84 billion. Net profit also dropped to IDR 2.43 trillion from IDR 65.76 billion, while the net profit attributable to the parent entity only arrived at IDR 2.71 billion, down 95.83% yoy from IDR 65.30 billion.

The main component of the revenue came from paper sales of IDR 877.98 billion, growing from IDR 497.65 billion, followed by conversion paper that slipped from IDR 439.13 billion to IDR 418.50 billion, chemical and service that declined from IDR 211.18 billion to IDR 188.95 billion, as well as polymer that shrank from IDR 253.93 billion to IDR 16.04 billion. (LK/ZH)