Red And White Cement Producer Owned By Conglomerate Martua Sitorus Earns Rp333.7 Billion Profit In The Third Quarter Of 2021, Skyrocketing 6,995 Percent!

Martua Sitorus conglomerate. (Photo: Doc. Red and White Cement)

JAKARTA - Cemindo Gemilang Tbk (CMNT) cement producer recorded performance growth in the first nine months of this year. This cement producer with the Merah Putih brand belonging to the conglomerate Martua Sitorus managed to record revenue and profit growth in the third quarter of 2021.

In CMNT's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Wednesday, November 2, Semen Merah Putih recorded sales of Rp5.88 trillion, up 16.48 percent compared to last year's Rp5.04 trillion.

This increase in sales was driven by sales of cement and slag which reached Rp5.55 trillion. This achievement grew by 17.77 percent compared to the same period last year of Rp4.71 trillion.

Meanwhile, CMNT's sales of ready-mixed concrete fell 0.52 percent to Rp381 billion, from Rp383 billion on an annual basis. The increase in the company's sales also increased the company's cost of goods sold 9.10 percent to Rp4.15 trillion, from Rp3.81 trillion.

Despite the increase in expenses, the producer of Semen Merah Putih was still able to record a gross profit growth of 39.24 percent to Rp1.72 trillion, from Rp1.23 trillion on an annual basis or year on year (yoy).

With this performance, CMNT was able to record profit growth for the current period of Rp333.7 billion. Profit for the current period skyrocketed 6,995 percent compared to the third quarter of 2020 which was only Rp. 4.7 billion.

Until the third quarter of 2021, CMNT recorded a decrease in total assets from Rp. 19 trillion at the end of December 2020, to Rp. 18.9 trillion at the end of September 2020. The company's total liabilities also decreased to Rp. 14.6 trillion on September 30, 2021, from Rp. 16.3 trillion in December 31, 2020.

Total current liabilities amounted to Rp8.85 trillion and total long-term liabilities amounted to Rp5.76 trillion. The company's total equity recorded an increase to Rp4.29 trillion in the first nine months of 2021, from Rp2.74 trillion throughout 2020.