JAKARTA – PT Mandala Multifinance Tbk (MFIN) reported a net profit of IDR 515.66 billion in 2024, a 21.93% year-on-year (yoy) increase from IDR 422.91 billion in 2023.

This profit growth also boosted MFIN’s earnings per share to IDR 194 in 2024, up from IDR 159 per share the previous year.

MFIN’s 2024 profit growth was driven by revenue performance, which reached IDR 2.37 trillion, growing 7.23% yoy from IDR 2.21 trillion in 2023.

The majority of the revenue came from consumer financing, which amounted to IDR 2.26 trillion in 2024. Meanwhile, interest income slightly declined to IDR 30.89 billion in 2024, while other income increased to IDR 72.62 billion.

On the other hand, MFIN’s operating expenses rose to IDR 1.7 trillion in 2024. Employee expenses increased to IDR 580.95 billion, while general and administrative expenses grew to IDR 378.02 billion.

Despite this, MFIN managed to reduce its funding costs to IDR 225.68 billion in 2024. The company’s total assets slightly increased by 0.32% yoy in 2024, reaching IDR 6.68 trillion. (EF/KR/ZH)