JAKARTA – The net profit of several banking sector issuers reached IDR 203.93 trillion in 2024, the highest among 22 issuers from other sectors that had released their financial reports as of March 28, 2025.

“In nominal terms, the banking sector remains the biggest contributor to net profit growth during FY24,” wrote Stockbit Sekuritas Digital in its research report on Wednesday (26/3).

According to the research, consumer staples or Fast-Moving Consumer Goods (FMCG) issuers ranked second with a total net profit of IDR 19.31 trillion.

Issuers in the Dairy sector followed with a total net profit of IDR 2.66 trillion. Then, the Poultry sector reported IDR 6.73 trillion, Retail IDR 6.79 trillion, Tobacco IDR 6.65 trillion, Healthcare IDR 1.68 trillion, and Media IDR 1.59 trillion.

Meanwhile, net profit growth from the Poultry sector was the fastest in 2024, reaching 107% year-on-year (yoy).

Media issuers followed with net profit growth of 40.6% in 2024, Healthcare 24.3%, Dairy 10.2%, Banking 4.4%, and Retail 2.7%.

Net profit for Tobacco issuers fell by 17.9% in 2024, while FMCG declined by 2.9%.

The Stockbit Sekuritas research team attributed the decline in net profit for Tobacco issuers to shrinking margins, driven by higher excise taxes and downtrading. Meanwhile, FMCG profits were pressured by the performance of PT Unilever Indonesia Tbk (UNVR). (KR/ZH)