JAKARTA - PT Semen Indonesia Tbk (SMGR) recorded a 22.3% decline in net profit in 2019, from Rp 3.08 trillion in 2018 to Rp 2.39 trillion.
According to the company's 2019 financial report, its revenue actually grew by 31.55% from Rp 30.68 trillion in 2018 to Rp 40.36 trillion. However, increases in several costs including finance costs that grew 234.2% from Rp 959 billion (2018) to Rp 3.20 trillion (2019), general and administrative costs that grew 52.41% from Rp 2.32 trillion (2018) to Rp 3.54 trillion (2019), selling expenses that grew 37.86% from Rp 2.24 trillion (2018) to Rp 3.08 trillion (2019), and revenue costs that grew 29.48% from Rp 21.36 trillion (2018) to Rp 27.65 trillion (2019) affected the decline in net profit.
Meanwhile in terms of sales, in 2019 the company sold 42.61 million tons of cement. These sales include the sales of Semen Indonesia, the Thang Long Cement Joint Stock Company (TLCC), and PT Solusi Bangun Indonesia Tbk (SMCB) or formerly known as PT Holcim Indonesia. (ARM/AR)