Garudafood reports a 37.76% decline in its net profit of 2020 to IDR 259.41 billion
JAKARTA. PT Garudafood Putra Putri Jaya Tbk’s (GOOD) net profit dropped 37.76% to IDR 259.41 billion in 2020 from IDR 416.85 billion in 2019. This decline was accompanied by poor sales performance, dropping 8.54%.
The company’s financial report posted on Indonesia Stock Exchange (IDX) reveals that net sales of GOOD in 2020 slid down to IDR 7.71 trillion from IDR 8.43 trillion in 2019. The sales comprised packaged foods of IDR 6.65 trillion, beverages of IDR 1.05 trillion, and other good sales of IDR 186.07 billion.
The declining sales dragged the cost of goods sold down by 5.92% year-on-year (yoy) to IDR 5.56 trillion, resulting in a 15.07% yoy decrease in its gross profit to IDR 2.14 trillion in 2020. The selling expense also dropped 17.77% to IDR 1.11 trillion. However, the general and administrative expenses increased 8.91% yoy to IDR 603.57 billion in 2020, followed by the financial expenses’ increase by 26.18% yoy to IDR 135.03 billion.
Lastly, GOOD’s assets were reported to grow 29.84% to IDR 6.57 trillion, while its liability was at IDR 3.67 trillion and equity IDR 2.89 trillion. (AM/ZH)