JAKARTA. PT Hassana Boga Sejahtera Tbk (NAYZ), a processed food manufacturer listed on the stock market on February 6, 2023, only managed to record net profit of IDR 307.55 million in 2023. 

The profit dropped 86% year-on-year (yoy) from IDR 2.24 billion seen in 2022. The profit downturn, which was quite sharp, is due to swollen operational expenses throughout 2023. 

In terms of top line, NAYZ's revenue actually still managed to score 13.7% yoy increase to IDR 48 billion in 2023. In the previous year, it was stuck at IDR 42.24 billion. 

However, NAYZ's revenue growth in 2023 entailed an upturn in cost of revenue by 23% yoy to IDR 28.76 billion. Then, general and administrative expenses also swelled 36% yoy to IDR 11.23 billion, followed by financial expenses by 224% yoy to 519 million, while other income shrank 90% yoy to IDR 62.5 million. 

In the Annual General Meeting of Shareholders held last week, NAYZ's shareholders agreed upon the allocation of IDR 306 million as cash dividend for the fiscal year 2023. Then, another IDR 50 million will be allocated as general reserves, leaving the remainder as retained earnings. 

The cash dividend will be paid to NAYZ's shareholders whose names have been listed by the recording date on June 12, 2024. The payment that follows is due July 3, 2024. 

As of December 31, 2023, NAYZ reported retained earnings of IDR 1.73 billion, while its total equity was recorded at IDR 70.35 billion. (KR/ZH)