JAKARTA – PT Hartadinata Abadi Tbk (HRTA) is aiming for 15 new gold retail outlet his year to boost domination within the retail market in Indonesia. Until 2023, HRTA reported managing 85 stores across the country.

According to Sandra Sunanto, CEO of HRTA, this massive retail store expansion is the company’s strategy to raise its profit margin. “The strategy that we believe to be quite effective is expanding domestic retail market in Indonesia,” she said during Public Expose Live 2024 this afternoon (30/8).

Although HRTA’s revenue skyrocketed 33.46% year-on-year (yoy) to IDR 8.24 trillion in the first half (H1) of 2024, its gross profit margin indeed slipped to 6.3% from 8.2%. This decline resulted from the shift in consumption pattern, from jewellery to gold bars.

“HRTA’s sales composition is gold bar 62%, export 18%, and gold jewelleries in the domestic market of 20%,” added Ong Deny, Director of Finance of HRTA, on the same occasion.

Regarding export, HRTA then reveals its plan to expand export market to the United States and European countries in the future, on top of two main export destinations, India and United Arab Emirates.

“For export expansion, what we target is countries with high gold demand,” added Thendra Crisnanda, Director of Investor Relations of HRTA.

For 2024, HRTA intends to secure revenue growth to IDR 18 trillion or 40% yoy from IDR 12.86 trillion recorded in 2023. Meanwhile, its net profit is projected to reach IDR 410 billion, up 34% yoy from IDR 306 billion in 2023. (ZH)