Alfamart's Net Profit Increased by 42.51% in Q1 2021

PT Sumber Alfaria Trijaya Tbk (AMRT), the operator of the Alfamart and Alfamidi retail networks, achieved a net profit of Rp 499.38 billion in the first quarter of 2021. This represents a 42.51% increase year-on-year (yoy) compared to Rp 350.40 billion in the same period last year.

Although net profit increased, the company's net revenue actually decreased by 0.49%, from Rp 19.33 trillion to Rp 19.24 trillion. The company's revenue consists of food, non-food, and services. Food remains the main revenue contributor at Rp 12.83 trillion, slightly lower than the previous Rp 12.85 trillion.

Cost of goods sold decreased from Rp 15.40 trillion to Rp 15.03 trillion. General and administrative expenses also decreased from Rp 396.20 billion to Rp 376.72 billion. Meanwhile, sales and distribution expenses increased from Rp 3.24 trillion to Rp 3.39 trillion.

AMRT's net profit in the first quarter of 2021 was the highest since 2017. Based on disclosures to the Indonesia Stock Exchange (BEI), the company's net profit has shown an upward trend in recent years.

Alfamart has come under scrutiny following allegations of fraud against two company directors on June 9, 2021. However, AMRT Director and Corporate Secretary Tomin Widian stated that the company has not yet received any summons from the authorities regarding the case.