JAKARTA – The management of PT Intikeramik Alamasri Industri Tbk (IKAI) has projected a slight decline in revenue for 2024 compared to the previous year.

Tommy Atmojo, IKAI’s Finance Director, stated that the company’s 2024 revenue is expected to reach IDR 190 billion, which is 8.7% lower year-on-year (yoy) compared to the previous year’s figure of IDR 208 billion.

“This achievement is indeed slightly lower than the previous year, due to several significant factors that have impacted the company’s performance,” Atmojo said during a public presentation held last week.

Atmojo highlighted that the manufacturing industry faced substantial challenges last year, largely due to political uncertainties, which resulted in the postponement of many activities and projects.

Additionally, fluctuations in foreign exchange rates have affected IKAI’s performance. “The USD to Rupiah exchange rate saw a significant increase, leading to higher costs in the manufacturing sector,” Atmojo explained.

Teuku Johas Raffli, IKAI’s President Director, also pointed out that the political climate had an impact on the company’s hospitality business. “There were new government regulations, and expectations were affected as well,” Raffli noted.

However, Raffli expressed that IKAI was able to mitigate the pressures faced in 2024. As a result, the company remains optimistic about a better recovery in 2025, projecting revenue growth of 20-25% for the year. “This will allow us to maintain our compounded gross margin at the same level,” Raffli added. (KR/ZH)