JAKARTA. PT Bersama Mencapai Puncak Tbk (BAIK), the managing company of Ayam Goreng Nelongso franchise network, scored net profit of IDR 3.92 billion in Q1 2024, up 52.53% year-on-year (yoy) from the same quarter last year.

This shift is in line with BAIK’s revenue performance that reached IDR 41.84 billion in Q1 2024, growing 7.42% yoy. In the same period last year, the company only booked revenue of IDR 38.95 billion.

With the increase of costs of sales of up to 12.43% yoy, BAIK actually recorded lower gross profit in Q1 2024, reaching IDR 9.82 billion from IDR 10.47 billion seen in the same quarter last year.

However, the management successfully implemented efficiency strategies on its selling expenses, cutting 4.32% yoy in Q1 2024 to IDR 5.98 billion from IDR 6.25 billion in Q1 2023. In addition, the company also lowered other expenses by up to 21.20% yoy in Q1 2024 to IDR 26.17 million.

According to IDNFinancials data, BAIK conducted its initial public offering (IPO) on Indonesia Stock Exchange (IDX) last February. It managed to rake in IDR 62.55 billion of proceeds from IPO.

With the extra capital, BAIK aims for net profit growth of up to 70% in 2024, which will be attained by opening approximately 15-20 new outlets in various regions. (KR/ZH)