Despite a Revenue Decline, Semen Indonesia's Profit Increased in 2022

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Adi Ahdiat 06/04/2023 15:27 WIB

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PT Semen Indonesia Tbk's net profit grew by 15.5% year-on-year (yoy) to Rp2.36 trillion in 2022. This growth was achieved despite a decline in revenue and increased expenses.

Net Profit of PT Semen Indonesia Tbk (2019-2022)

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Despite a Revenue Decline, Semen Indonesia's Profit Increased in 2022

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Net Profit of PT Semen Indonesia Tbk (2019-2022)

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PT Semen Indonesia (Persero) Tbk reported a net profit of Rp2.36 trillion in 2022, a 15.5% increase year-on-year (yoy).

This positive growth for the SMGR-coded issuer was achieved despite a decrease in revenue and an increase in expenses.

In 2022, SMGR's revenue fell by 0.88% (yoy) to Rp36.38 trillion, while its cost of goods sold swelled by 2.9% (yoy) to Rp25.7 trillion.

"Semen Indonesia implemented a cautious approach in conducting its business to maintain positive performance amidst increasingly challenging market conditions and rising energy costs," stated SMGR management in its press release (March 13, 2023).

"A number of strategic initiatives were implemented to secure sales and revenue, drive efficiency through operational excellence, optimize investment structures in subsidiaries, and manage debt effectively," it continued.

In 2022, SMGR's short-term liabilities or debt decreased from Rp14.6 trillion to Rp13 trillion. Its long-term debt also shrank from Rp22.5 trillion to Rp20.2 trillion.

Cumulatively, SMGR's total liabilities or debt at the end of 2022 decreased by approximately Rp3.8 trillion.

Meanwhile, its equity increased from Rp42.9 trillion to Rp47.2 trillion. The total assets of this state-owned enterprise (SOE) also grew from Rp81.8 trillion to Rp82.9 trillion.

This year, SMGR remains listed in the LQ45 index for the February-July 2023 period.

The LQ45 is a list of 45 selected issuers according to the Indonesia Stock Exchange (IDX), whose performance is considered good based on certain criteria, such as large market capitalization and high liquidity.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."