JAKARTA – PT Dharma Polimetal Tbk (DRMA), an automotive component manufacturer, reported a 5.3% year-on-year (yoy) decrease in profit for 2024.

This decline aligns with DRMA's revenue, which slipped 0.6% yoy in 2024 to IDR 5.5 trillion. According to Financial Report 2024 of DRMA, domestic sales accounted for 99.7% of the revenue. However, notably, DRMA’s export revenue surged 40-fold in 2024.

According to its official release today (6/3), DRMA's export growth was bolstered by PT Dharma Kyungshin Indonesia (DKI), a joint venture of DRMA and Kyungshin Corporation, which began exporting to the United States in May 2024, and has since contributed IDR 708.9 billion of sales.

Furthermore, despite a sluggish automotive industry, the two-wheeler (2W) segment remained DRMA's growth pillar, contributing IDR 3.3 trillion in sales.

Moreover, with cost of goods sold (COGS) efficiency improving by 1.4% yoy to IDR 4.5 trillion, DRMA’s gross profit grew 3% yoy to IDR 1.0 trillion in 2024, lifting the gross profit margin from 17.6% to 18.2%.

However, increased expenses pressured profitability, resulting in DRMA recording a net profit attributable to the parent entity of IDR 579.3 billion in 2024, down 5.3% yoy from IDR 611.8 billion in 2023.

In 2025, DRMA aims to strengthen its global market potential and expand exports through DKI. The company is building a new 2.3-hectare factory, with a capacity 1.5 times greater than its current facility. "This factory is scheduled to be completed in the second half of 2025," management claimed. (ZH)