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Most of tobacco companies in Indonesia recorded positive growth in 1H 2019

06 August 2019 08:54

JAKARTA. The performance of the majority of tobacco companies grew positively in the first half of 2019, with PT Gudang Garam Tbk (GGRM) recorded the largest increase in revenue and net profit.

GGRM's revenue grew by 16.42% on an annual basis, from Rp 45.3 trillion to Rp 52.74 trillion. Meanwhile, GGRM's net profit grew higher (20% YoY), from Rp 3.55 trillion to Rp 4.28 trillion.

Despite this, the net profit value of GGRM is less than PT Hanjaya Mandala Sampoerna Tbk's (HMSP). In the semester I-2019, HMSP recorded annual net profit growth of 11% to Rp 6.77 trillion, from Rp 6.11 trillion.

The manufacturer of Lucky Strike and Dunhill, PT Bentol International Investama Tbk (RMBA) also managed to reduce its net loss by 42% YoY to Rp 312.32 billion. In fact, in the same period the previous year, RMBA recorded a loss of Rp 537.52 billion.

The company also managed to record an increase in revenue of 0.29% on an annual basis, from Rp 10.19 trillion to Rp 10.22 trillion.

In contrast, PT Wismilak Inti Makmur Tbk (WIIM) recorded negative growth in its revenue and net profit, WIIM's revenue fell by 4.48% YoY to Rp 649.31 billion.

Meanwhile, WIIM's net profit fell by 54% YoY to Rp 8.55 billion. Based on WIIM's financial statements, this decline in revenue was in line with the decline in sales of machine-made kretek (SKM) which fell by 4% YoY, hand-rolled kretek (SKT) fell by 10% YoY, cigar sales fell by 13% YoY, and other sales dropped by 10% YoY. (AM/AR)

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