Gudang Garam Cigarette Producer Owned By Conglomerate Susilo Wonowidjojo Only Earns IDR 5.6 Trillion In Profit, Even Though Revenue Is IDR 124.88 Trillion In 2021

Salt Warehouse Building. (Photo: Doc. Wikimedia Commons)

JAKARTA - The tobacco company owned by conglomerate Susilo Wonowidjojo, PT Gudang Garam Tbk, posted a decrease in net profit in 2021 compared to the previous year. The issuer with the code GGRM won a net profit of IDR 5.6 trillion throughout 2021, down 26.7 percent from the previous year's net profit of IDR 7.64 trillion.

In Gudang Garam's financial report, quoted on Wednesday, April 6, the company actually pocketed a jumbo revenue of IDR 124.88 trillion, or up 9.1 percent from the previous year's turnover of IDR 114.47 trillion.

However, the cost of goods sold also jumped 13.9 percent to IDR 110.6 trillion from the previous IDR 97.08 trillion. As a result, gross profit decreased by 17.8 percent to IDR 14.27 trillion from IDR 17.38 trillion.

Gudang Garam's revenue from other divisions decreased by 15.9 percent to IDR 236.67 billion from IDR 281.55 billion. On the other hand, other expenses actually increased by 14.6 percent to IDR 4.3 billion from IDR 3.75 billion.

Meanwhile, operating expenses fell 5.67 percent to IDR 7.15 trillion from IDR 7.58 trillion. This GGRM posted an exchange gain of IDR 16.71 billion throughout 2021, from initially posting an exchange loss of IDR 38.69 billion.

In total, operating profit was recorded at IDR 7.36 trillion, down 26.69 percent from IDR 10.04 trillion. Profit before income tax fell 24.63 percent to IDR 7.28 trillion from the previous IDR 9.66 trillion.

From the expenditure side, Gudang Garam recorded a decrease in interest expense of up to 80.42 percent to IDR 74.91 billion from IDR 382.72 billion. Meanwhile, the income tax burden shrank by 16.41 percent to IDR 1.68 trillion from IDR 2.01 trillion.