Indocement's Q3 2022 Profit Falls Amidst Rising Commodity Prices

Adi Ahdiat 03/11/2022 14:00 WIB

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From the beginning of the year to the end of the third quarter of 2022, Indocement recorded a net profit of Rp946.85 billion, down from the previous year.

Indocement's Revenue, Expenses, and Profit for January-September (2021-2022)

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Indocement's Q3 2022 Profit Falls Amidst Rising Commodity Prices

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Indocement's Revenue, Expenses, and Profit for January-September (2021-2022)

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From the beginning of the year to the end of the third quarter of 2022, PT Indocement Tunggal Prakarsa Tbk (INTP) recorded net revenue of Rp11.66 trillion. This achievement increased by 9.9% (year-on-year/yoy) compared to the same period last year.

However, until the end of the third quarter of 2022, Indocement's net profit decreased by 21.6% (yoy) to Rp946.85 billion. The profit decline occurred in line with the cost of goods sold, which increased by 17.1% (yoy) to Rp8.21 trillion.

According to the company's financial report, the increase in costs was due to the increase in the cost of raw materials, labor wages, fuel and electricity, and factory costs. The cost of production, sales, and packaging was also recorded as higher than last year.

"The impact of commodity price risks faced by the Business Group, especially in relation to the purchase of main raw materials such as gypsum, coal, and fuel. The prices of these raw materials are directly influenced by commodity price fluctuations, foreign exchange rates, and the level of supply and demand in the market," said Indocement management in its financial report.

"The Business Group's policy to minimize risks arising from commodity price fluctuations is to enter into purchase contracts with suppliers, maintain optimal inventory levels of gypsum, coal, and fuel for continuous production. In addition, the Business Group also strives to mitigate these risks by passing on price increases to its customers," it continued.

PT Indocement Tunggal Prakarsa Tbk (INTP) is one of the largest cement producers in Indonesia, operating since 1975.

Currently, Indocement has 13 factories with a total annual production capacity of 25.5 million tons of cement. There are 10 factories located in the Citeureup Factory Complex, Bogor, West Java; 2 factories in the Cirebon Factory Complex, West Java; and 1 factory in the Tarjun Factory Complex, Kotabaru, South Kalimantan.

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."