Gudang Garam recorded 63.77% profit downturn
JAKARTA. PT Gudang Garam Tbk (GGRM) saw a sharp depletion of its net profit in September 2022, shifting 63.77% lower to IDR 4.13 trillion due to the ever-increasing costs of sales and other expenses.
As of September 2022, GGRM collected revenue of IDR 93.91 trillion, which was 2% higher than IDR 92.07 trillion seen at the end of the third quarter of 2021. Export sales reportedly dropped to IDR 1.17 trillion from the initial IDR 1.40 trillion in the same period in 2021, while domestic sales dominated the Q3 2022’s sales with IDR 92.74 trillion worth of revenue.
On the other hand, GGRM also reported several increasing expenses, including its costs of sales that shifted 5.58% higher to IDR 86.23 trillion. Furthermore, expenses like excise tape, value-added tax (PPN), and cigarette excise tax increased 4.69% yoy to IDR 89.22 trillion, while its operating expenses soared 10.96% to IDR 1.72 trillion. Out of all these swelling costs, costs of production were the only one getting smaller to IDR 14.87 trillion.
Burdened with all these expenses, GGRM only managed to turn in IDR 1.49 trillion of net profit, taking a massive downturn of 63.77% from IDR 4.13 trillion recorded in September 2021. At the end of Q3 2022, its total assets shrank to IDR 83.70 trillion from IDR 89.96 trillion reported in December 2021, as did its liabilities from IDR 30.67 trillion to IDR 27.24 trillion. Similarly, its total equity was also reduced to IDR 56.46 trillion from IDR 59.28 trillion seen on December 31, 2021. (AM/ZH)