Gudang Garam, Cigarette Producer Owned By Conglomerate Susilo Wonowidjojo Earns Revenue Of Rp60.58 Trillion In Semester I 2021

JAKARTA - The cigarette company PT Gudang Garam Tbk recorded revenue growth in the first half of 2021. However, the issuer with the stock code GGRM recorded a decrease in net profit in the first six months of 2021.

In Gudang Garam's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Sunday, August 8, the company owned by conglomerate Susilo Wonowidjojo posted revenue of IDR 60.58 trillion in the first half of 2021. GGRM's revenue rose 12.92 percent year on year (yoy) from Rp53.65 trillion in the first semester of 2020.

However, the cost of goods sold for the Gudang Garam Filter and Surya Pro cigarette producers swelled to Rp54.04 trillion as of June 2021 from Rp44.99 trillion previously. GGRM's gross profit in the first semester of 2021 was also cut to Rp6.54 trillion from the previous Rp8.66 trillion.

As a result, net profit attributable to owners of the parent entity reached Rp2.31 trillion. The net profit achievement fell quite deeply, which was 39.53 percent yoy from Rp3.82 trillion in the first semester of 2020.

Gudang Garam disbursed net cash for investment worth Rp2.26 trillion as of June 2021, down from the same period the previous year of Rp2.51 trillion. Cash and cash equivalents at the end of the first semester of 2021 were Rp6.56 trillion, down from Rp8.25 trillion as of June 2020.

GGRM's total liabilities as of June 2021 decreased to Rp18.6 trillion from last year's end of Rp19.67 trillion. In the first semester of 2021, short-term liabilities reached Rp15.93 trillion, down from the previous Rp17 trillion, while long-term liabilities were Rp2.67 trillion, up slightly from Rp2.65 trillion.

Meanwhile, Gudang Garam's total equity reached Rp60.83 trillion as of June 2021, up from the end of 2020, which was Rp58.52 trillion. GGRM's total assets also rose to Rp79.44 trillion from the previous Rp78.19 trillion.