JAKARTA – Despite an increase in PT Indonesian Tobacco Tbk (ITIC)'s revenue, the company’s net profit declined in 2024 compared to 2023. ITIC's sales in the Eastern Indonesia region showed growth, particularly in Papua, where sales increased by 10% year-on-year (yoy) from 2023.

In the 2024 Financial Report published on Monday (10/3), Djonny Saksono, President Director of ITIC, stated that the company’s sales rose by 6.76% yoy to IDR 324.48 billion from IDR 303.92 billion in 2023.

The gross profit margin in 2024 stood at 21.35%, down from 24.81% in 2023, while net profit for the year was recorded at IDR 21.24 billion, a decrease of 21.22% yoy from IDR 26.96 billion.

The majority of ITIC’s sales came from the domestic market, with the largest share in Eastern Indonesia. In Papua, the company's sales reached IDR 238.68 billion, accounting for 73.55% of total revenue, followed by sales in Nusa Tenggara at IDR 51.45 billion, Kalimantan at IDR 43.68 billion, Sulawesi at IDR 29.29 billion, Sumatra at IDR 1.89 billion, and other regions.

For export markets, ITIC's sales expanded to Malaysia with results of IDR 731.80 million, Singapore IDR 521.62 million, and Japan IDR 20.89 million.

On Monday’s (10/3) trading session, ITIC shares opened at IDR 214, rising to a high of IDR 216 and recording a low of IDR 204 per share.

Over the past week, ITIC shares rose by 1.89% or IDR 4 to IDR 216, while over the past month, the price dropped by 12.90% or IDR 32 per share. Over the past year, ITIC shares have declined by 24.48% or IDR 70 per share. (LK/ZH)