JAKARTA – PT Unilever Indonesia Tbk (UNVR) reported a 29.8% year-on-year (yoy) decline in profit for 2024, reaching only IDR 3.4 trillion.

According to UNVR's 2024 Financial Report, the company's revenue stood at IDR 35.1 trillion, 9% lower than the IDR 38.6 trillion recorded in 2023.

A 5.1% yoy decrease in the cost of goods sold to IDR 18.4 trillion was not enough to curb the weakening performance, resulting in a gross profit of IDR 16.7 trillion as of December 2024, down 12.9% yoy.

Consequently, the gross profit margin also declined from 49.7% to 47.6%.

Efforts to reduce expenses appeared to have little effect, as marketing and sales expenses fell by only 2.3% yoy to IDR 8.7 trillion, while general and administrative expenses dropped by 10.7% to IDR 3.5 trillion.

With the top line weakening, UNVR's net profit plunged nearly 30% yoy to IDR 3.4 trillion from IDR 4.8 trillion in 2023.

As a result, the net profit margin fell to 9.6% from 12.4% in 2023, and earnings per share also significantly declined, from IDR 126 to IDR 88 per share.

Since the beginning of the year, UNVR's shares have slipped by 23% year-to-date (ytd), reaching IDR 1,405 as of 14:20 WIB today (13/2). However, the shares edged up by 2.18% from the opening trade at IDR 1,350 per share. (ZH)