JAKARTA – The net profit of PT Kirana Megatara Tbk (KMTR) surged by 176.78% in 2024 compared to its 2023 profit, driven by an increase in revenue and a reduction in selling and operational expenses.

In the 2023 Financial Report published on Tuesday (11/3), Martinus Subandi Sinarya, President Director of PT Kirana Megatara Tbk (KMTR), announced that the company recorded a net profit of IDR 194.84 billion, up from IDR 70.39 billion in 2023.

This significant profit growth was supported by the increase in revenue and the reduction in selling expenses. The company reported sales of IDR 11.25 trillion, up 232.18% from IDR 9.13 trillion in 2023.

The sales contribution consisted of the Finished Rubber Goods segment at IDR 11.19 trillion, up from IDR 9.09 trillion; Palm Oil at IDR 45.48 billion, an increase from IDR 36.41 billion; Processing Services at IDR 12.36 billion, from previously zero; and Raw Rubber Materials at IDR 4.14 billion, up from IDR 5.24 billion.

Affiliated customers, including Archipelago Rubber Trading Pte Ltd, contributed over 10% of total revenue, generating IDR 8.49 trillion, up from IDR 5.94 trillion. Meanwhile, third-party customer Societes Des Matieres Premieres Tropicales Pte Ltd contributed IDR 1.17 trillion, an increase from IDR 902.03 billion.

KMTR’s gross profit margin reached 9.37%, up from 4.49%, while operating profit soared 295.61% year-on-year (yoy) to IDR 543.96 billion, from IDR 137.49 billion. This achievement was driven by a decline in selling and other operational expenses. (LK/LM/ZH)