Gunung Raja Paksi estimates over 34% sales growth in 2022
JAKARTA. PT Gunung Raja Paksi Tbk (GGRP) projects its total sales in 2022 to reach USD 972 million, or in other words, increasing 34.7% year-on-year (yoy). Until the third quarter of 2022, the company managed to brought home USD 723.26 million of net sales.
Fedaus, Corporate Affairs Director of GGRP, claimed that said projection is made after considering the vigorous infrastructure development in Indonesia these days. “The company will continue to support domestic infrastructure projects, including the Capital City of Nusantara (IKN) project,” he further stated, as quoted by Kontan yesterday (24/11).
Meanwhile, in Q3 2022, the company reportedly scored net revenue of USD 723.26 million, shifting 44.02% year-on-year (yoy) higher from USD 502.43 million. The sales of steel sheets and its byproducts managed to climb 35.4% yoy, making this segment the highest contributor to revenue with USD 501 million, while steel rods and byproducts generated USD 222.24 million of sales, also increasing 68.18% yoy.
As the sales grew higher, so did its costs of sales. Increasing 50.8% yoy, its costs of sales clocked up to USD 650 million in Q3 2022 from USD 431.42 million seen in the same period last year. However, ultimately, it managed to score a current year’s net profit of USD 49.20 million, slightly rising from USD 40.20 million. Its equity also shifted 5.84% yoy higher to IDR 797.23 million, while its assets proliferated 10.48% to USD 1.18 billion. (AM/ZH)