JAKARTA – Net profit of  PT Petrindo Jaya Kreasi Tbk (CUAN) dropped 60% year-on-year (yoy) to IDR 238.32 billion in 2023 from IDR 570.89 billion in 2022. This sharp downturn in profit was triggered by slow decline of revenue, as well as increased selling expenses and general-administrative expenses.

Based on Financial Report of 2023 quoted Wednesday (17/4), this issuer booked revenue of IDR 1.49 trillion, down 1.64% yoy from IDR 1.51 trillion. The main component of revenue was export sales of IDR 1.13 trillion, which grew from IDR 1.12 trillion, and domestic sales of IDR 359.18 billion, stagnant compared to IDR 395.24 billion in 2022.

Consumers with contributions over 10% of total revenue in 2023 were Flame Asia Resources Pte Ltd, San Miguel Energi Corporation, Bulk Trading SA, and PT Bara Makmur Dwitama. Meanwhile, the contribution of Vitol Asia Pte Ltd and Noble Resources International Pte Ltd were down to zero, compared to 2022, in which both also brought in over 10% contribution towards CUAN’s revenue.

This company recorded gross profit of IDR 809.25 billion, down 25.12% yoy from IDR 1.08 trillion. Gross profit margin was reported at 54.16%, lower than 71.13% seen in 2022 due to increase cost of revenue.

In addition, operating profit arrived at IDR 300.86 billion, down 60.11% yoy from IDR 754.40 billion. Lastly, its current year’s net profit also dropped 58.63% yoy to IDR 232.63 billion from IDR 562.42 billion in 2022. (LK/ZH)