JAKARTA – The performance of PT Indah Kiat Pulp & Paper Tbk (INKP) declined until Q3 2024 compared to the same period last year. This slow-down resulted from weakened export, particularly to Asian market.

Based on Financial Report Q3 2024, INKP reported a revenue and net profit decline of 10% and 29.53% year-on-year (yoy) at the end of Q3 2024. Its revenue slipped to USD 2.42 billion from USD 2.68 billion seen in September 2023, while its net profit shrank to USD 226.10 million from USD 320.88 million.

Export sales generated USD 1.32 billion until Q3 2024, or 54.62% of total net sales, followed by domestic sales of USD 1.09 billion. For comparison, in the same period last year, export brought in sales of USD 1.58 billion or 59.02% of total sales, followed by domestic sales of USD 1.10 billion.

Asian market brought in USD 899.23 million of sales in 9M 2024, equal to 68% of total export, followed by Europe of USD 191.32 million, America of USD 99.30 million, Middle-East of USD 80.14 million, Africa of USD 26.43 million, and Australia of USD 25.94 million.

In the same period last year, Asia sales clocked up to USD 1.14 billion or 72.38% of total export, followed by Europe of USD 116.51 million, America of USD 108.41 million, Middle-East of USD 110.26 million, Africa of USD 74.45 million, and Australia of USD 28.34 million.

Its gross profit at the end of September 2024 was recorded at USD 802.01 million, slipping from USD 886.43 million, with gross profit margin dragged down to 33.13% from 32.97%. Lastly, its operating profit declined to USD 528.84 million from USD 619.33 million. (LK/ZH)