JAKARTA - PT Formosa Ingredient Factory Tbk (BOBA), a manufacturer and distributor of raw materials for Food and Beverage (FnB) products owned by Taiwanese investors, posted a net profit growth of 6.82% to IDR 15.98 billion in 2024.

The growth was in line with BOBA's revenue performance which reached IDR178.3 billion, growing 15.93% on an annualised basis.

By business segment, BOBA's largest sales came from FnB products, which contributed IDR178.2 billion. Sales from this segment grew 15.94%.

Meanwhile, sales from BOBA's machinery products fell 7.77% to IDR81.9 billion in 2024.

According to IDNFinancials.com data, the majority of BOBA shares are currently owned by Hengky Wijaya, with a stake of 24.99% as of 31 December 2024.

PT Kurniamitra Duta Sentosa Tbk (KMDS) also owns 23.71% of BOBA shares, Texture Maker Enterprise Co. Ltd. from Taiwan 14.95%, Preserved Food Speciality Co. Ltd. 4.39%, public investors 11.84%, and the rest is owned by a number of individual investors.

BOBA's share price on Thursday (20/3) closed stagnant at IDR162 per share. Meanwhile, since its Initial Public Offering (IPO) in November 2021, its share price has fallen 47.40%. (KR/LM)