JAKARTA – Although sales of  PT Indofood  Sukses Makmur Tbk (INDF) remain stable in Q1 2024, the management has yet succeeded in maintaining profit stability compared to the same period in 2023. Its profit dropped 36.37% year-on-year (yoy), affected by the increase of finance expenses following losses on currency exchange.

Based on Financial Report as of Q1 2024 quoted Thursday (2/5), INDF booked revenue of IDR 30.79 trillion, up 0.81% year-on-year (yoy) or from the same quarter in 2023 of IDR 30.54 trillion.

Gross profit reportedly reached IDR 10.51 trillion, increasing 10.81% yoy from IDR 9.48 trillion, thanks to its success in suppressing costs of sales. Therefore, the gross profit margin was recorded at 34.13%, higher than the margin seen in Q1 2023 of 31.05%.

The operating profit arrived at IDR 6.41 trillion, growing 29.16% yoy from IDR 4.96 trillion. Meanwhile, its profit before taxes dropped 30.88% yoy to IDR 4.47 trillion from the initial IDR 6.47 trillion. It was affected by increased finance expenses by IDR 1.57 trillion, bringing it to IDR 2.35 trillion from mere IDR 779.47 million. This resulted from loss on currency exchange from funding activities.

The current year’s net profit slipped 30.28% yoy to IDR 3.54 trillion from IDR 5.08 trillion seen in Q1 2023. The current year’s net profit as of Q1 2024 consisted of net profit attributed to the parent company of IDR 2.44 trillion, dropping 36.37% yoy from IDR 3.84 trillion, while the profit attributed to non-controllers slipped 11.36% yoy to IDR 1.09 trillion from IDR 1.23 trillion. (LK/ZH)