JAKARTA. PT Sari Kreasi Boga Tbk (RAFI), a food ingredient supplier and the managing company of Kebab Turki Baba Rafi franchise, booked net profit of IDR 5.55 billion in Q1 2024, up 64.55% year-on-year (yoy).

The net profit growth aligned with RAFI’s revenue performance that arrived at IDR 112.11 billion in Q1 2024. Compared to the same period last year, the company’s revenue shifted 673.3% yoy.

As seen last year, most of RAFI’s revenue still relied on raw and auxiliary ingredients, in which this business line generated IDR 111.07 billion of sales. In the meantime, the income from food and beverage line only arrived at IDR 139.23 million, followed by franchise income of IDR 901.07 million.

According to the recently released financial report, RAFI’s revenue in Q1 2024 only came from DKI Jakarta and East Java, which generated IDR 87.29 billion and IDR 19.91 billion of sales, respectively.

Actually, in the same quarter last year, RAFI’s revenue was highly diversified, recording income from various regions, such as West Sumatra, North Sumatra, Lampung, and West Java.

In addition to positive revenue performance, RAFI also implemented efficiency strategies on its cost of revenue by up to 26.5%. The cost throughout Q1 2024 only reached IDR 9.23 billion, shrinking from IDR 12.57 billion seen in the same quarter last year.

According to IDNFinancials data, RAFI’s stock price today (14/5) was stagnant at IDR 50 per share. It actually has dropped significantly by 120 points or 70.59% from its IPO price on August 5, 2023, IDR 170 per share. (KR/ZH)