JAKARTA - PT Charoen Phokphand Indonesia Tbk (CPIN) suffered a net profit drop of 20.20% year on year (yoy) from Rp 4.55 trillion in 2019 to Rp 3.63 trillion in 2020 despite revenue growth.
The cattle feed and poultry company's revenue grew 8.67% yoy from Rp 53.96 trillion in 2019 to Rp 58.63 trillion in 2020. However, its cost of goods sold also increased 12.75% yoy from Rp 44.82 trillion in 2019 to Rp 50.54 trillion in 2020, resulting in a gross profit drop of 11.37% from Rp 9.13 trillion in 2019 to Rp 8.10 trillion in 2020.
Subsequently, the company's gross profit ratio fell 18.44% from 16.93% in 2019 to 13.91% in 2020. Its other operating expenses also skyrocketed 369.28% from Rp 123.73 billion in 2019 to Rp 580.64 billion in 2020. (ARM/AC/MS)