JAKARTA. PT Kimia Farma Tbk (KAEF), a state-owned pharmaceutical company through PT Bio Farma (Persero), reported worsening loss in 2023, down to IDR 1.48 trillion. 

Said number is 6.82 times the loss seen in the previous year, in which the company also recorded loss of IDR 190 billion in 2022.

However, from the top-line, KAEF's net sales in 2023 actually grew 7.94% year-on-year (yoy) to IDR 9.96 trillion. In 2022, the sales were stuck at IDR 9.23 trillion. 

KAEF's costs of sales indeed swelled 25.83% yoy in 2023 to IDR 6.86 trillion, followed by operating expenses that increased 35.51% yoy to IDR 4.66 trillion, finance expenses up 18.49% yoy to IDR 622 billion, and loss from terminated operational activities up 25.7% yoy to IDR 19.44 billion.

As of December 31, 2023, KAEF's total assets shrank 11.17% yoy to IDR 17.58 trillion. Its cash and cash equivalent also slipped 62% yoy to IDR 832 billion, while its total equity dropped 20% to IDR 6.39 trillion. (KR/ZH)