The Indonesian KFC franchisee, PT Fast Food Indonesia Tbk (FAST), reported a loss attributable to the parent entity of Rp796.71 billion in 2024.
This loss ballooned by almost 92%, specifically increasing by 91.68% year-on-year (yoy) compared to the Rp415.65 billion loss in 2023.
The increase in KFC Indonesia's losses was partly influenced by a decline in revenue.
In 2024, revenue for the FAST-coded issuer fell by 17.85% (yoy) to Rp4.88 trillion.
Broken down by segment, revenue from food and beverages decreased by 17.84% (yoy) to Rp4.85 trillion.
Revenue from sales commissions fell by 18.50% (yoy) to Rp19.57 billion, and delivery services revenue decreased by 30.08% (yoy) to Rp1.91 billion.
Along with the decline in revenue, FAST's cost of goods sold also corrected by 10.33% (yoy) to Rp2.03 trillion.
By the end of 2024, FAST had total assets valued at Rp3.53 trillion, down 9.75% (yoy).