JAKARTA – The net profit of PT Graha Prima Mentari Tbk (GRPM) fell by 42.42%, despite a 130.42% surge in revenue in 2024 compared to 2023.

According to the 2024 Financial Report published on Monday (18/3), Agus Susanto, President Director of GRPM, reported that the company generated sales of IDR 705.50 billion, up from IDR 306.18 billion in 2023.

The Food and Beverage segment contributed IDR 368.79 billion in sales, up from IDR 306.18 billion, while the Care Products segment added IDR 336.71 billion, having recorded no sales previously.

Gross profit increased to IDR 54.07 billion from IDR 28.48 billion, but the gross profit margin declined to 7.66% from 9.30%. This was due to the rise in the cost of goods sold ratio to 92.33% from 90.69%.

The company's operating profit stood at IDR 6.34 billion, up 19.64% from IDR 5.30 billion, and profit before income tax increased by 12.44% to IDR 6.58 billion from IDR 5.85 billion. However, net profit fell to IDR 2.55 billion from IDR 4.44 billion.

On the other hand, the company’s shares dropped by 9.46% or IDR 7 to IDR 67 during Tuesday’s (18/3) trading. Over the past week, its shares rose 26.42% or IDR 14 but declined by 22.09% or IDR 19 in the last month. (LK/ZH)