Cigarette Excise Tax Increase Leads to Lower Sampoerna Net Profit
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Starting in early 2022, the Indonesian government raised the excise tax on tobacco products by an average of 12%.
This excise tax increase appears to have impacted PT HM Sampoerna Tbk. Although sales increased, the profits of this tobacco company decreased in the first half of 2022.
The company, with the stock code HMSP, recorded net sales of Rp 53.5 trillion in the first half of 2022, a 12.3% year-on-year (YoY) increase from Rp 47.63 trillion in the first half of the previous year.
However, the cost of goods sold in the first half of 2022 also swelled by 17.35% (YoY) to Rp 45.52 trillion. In the same period last year, this item was recorded at Rp 38.79 trillion.
Excise duty constituted the main portion of the cost of goods sold, amounting to Rp 34.13 trillion, a 28% (YoY) increase from Rp 26.67 trillion.
After deducting other expenses, the company's net profit for the first half of 2022 was recorded at Rp 3.05 trillion, down 26.1% (YoY) from Rp 4.13 trillion in the same period last year.
"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."
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