JAKARTA – PT Buyung Poetra Sembada Tbk (HOKI), the producer of Topi Koki premium rice, reported a net loss of IDR 3 billion in 2024, a sharp increase of 104.64% year-on-year (yoy) or double compared to IDR 1.5 billion in 2023.

According to the disclosure on Indonesia Stock Exchange (IDX), HOKI recorded sales of IDR 1.29 trillion in 2024, a slight increase of 0.78%. However, the rising cost of raw materials pushed up the cost of goods sold by 0.84% to IDR 1.19 trillion.

HOKI's gross profit actually grew to IDR 104.22 billion, and its operating profit rose to IDR 9.48 billion, but the surge in other expenses led to a recorded loss of IDR 6.1 billion for the year.

On a positive note, HOKI’s transformation into the fast-moving consumer goods (FMCG) sector through PT Hoki Distribusi Niaga (HDN) showed improvement. Sales of Dailymeal, a healthy rice variant, surged by 114.05% to IDR 10.15 billion in 2024.

Currently, HOKI, through its subsidiary PT Koki Sehat Sejahtera, is constructing a new Dailymeal factory in Central Java, which is expected to be completed by mid-2025.

In the first trading session today (25/3), as of 11.06 AM WIB, HOKI's share price increased by 1.30%, from IDR 77 to IDR 78 per share. However, it has dropped by 6.02% over the past five days. (DK/ZH)