JAKARTA - PT Gudang Garam Tbk (GGRM), a cigarette tobacco producer, posted a profit of IDR 7.64 trillion throughout 2020, lower than the 2019 profit performance of IDR 10.80 trillion. The decline in profit was due to an increase in selling expenses and a loss in currency exchange rates amidst the COVID-19 pandemic.
Susilo Wonowidjojo, President Director of PT Gudang Garam Tbk (GGRM) said that the revenue collected was IDR 114.47 trillion, up from 2019 of IDR 110.52 trillion, but gross profit was recorded at IDR 17.38 trillion, lower than IDR 22.78 trillion due to the increase in cost of goods sold throughout 2020.
Sales on the export market contributed IDR 1.90 trillion to the domestic market and IDR 112.56 trillion in the domestic market. From the operational segment, machine-made kretek cigarettes (SKM) are recorded as the main contributor to the company's revenue in the export and domestic markets, followed by hand-rolled kretek (SKT) cigarettes, paperboard, and klobot cigarettes. and other products.
GGRM's operating profit was recorded at IDR 10.45 trillion, a decrease compared to the 2019 period of IDR 15.07 trillion due to losses in the rupiah exchange rate against the dollar (US$). Meanwhile, comprehensive income is IDR 7.59 trillion, lower than IDR 10.80 trillion in 2019. (LK/LM)