JAKARTA – The competition in dairy product manufacture has been increasingly fierce since PT Cisarua Mountain Dairy Tbk (CMRY) made its debut on the stock exchange on December 6, 2021. PT Ultra Jaya Milk Industry & Trading Company Tbk (ULTJ), the long-reigning champion in the industry, now must acknowledge CMRY’s impressive performance in 2023.

Based on IDNFinancials data today (8/7), SMRY reported revenue growth of 21.85% year-on-year (yoy) to IDR 7.77 trillion from IDR 6.37 trillion in 2022. Operating profit also soared from IDR 1.25 trillion to IDR 1.42 trillion, followed by net profit attributable to the parent entity that grew 17.07% to IDR 1.24 trillion from IDR 1.06 trillion.

Total allocated dividend of CMRY in the fiscal year (FY) 2023 reached IDR 714.12 billion or IDR 90 per share, equal to 57.50% of total net profit attributable to the parent entity. Its retained earnings and total equity were at IDR 2.11 trillion and IDR 5.94 trillion.

On the other hand, ULTJ debuted 30 years earlier than CMRY, on July 9, 1990. It reported revenue surge of 8.43% in 2023 to IDR 8.30 trillion from IDR 7.65 trillion seen in 2022. Operating profit also shifted from IDR 1.30 trillion to IDR 1.47 trillion, resulting in net profit that increased 21.77% yoy to IDR 1.61 trillion from IDR 960.78 billion.

Total dividend of ULTJ in FY 2023 was IDR 415.92 billion or IDR 40 per share. The dividend is equal to 35.57% of net profit in 2023, while its retained earnings and total equity were recorded at IDR 5.92 trillion and IDR 6.68 trillion. (LK/ZH)