Wismilak, Cigarette Company Owned By Conglomerate Oei Bian Hok Raised Sales Of IDR 757.5 Billion And Profit Of IDR 38.5 Billion In The First Quarter Of 2022

Wismilak Building. (Photo: Doc. Wismilak Inti Makmur)

JAKARTA - The cigarette company owned by the Oei Bian Hok conglomerate, PT Wismilak Inti Makmur Tbk (WIIM) recorded an increase in sales during the first quarter of 2022. However, the company's net profit fell in the first three months of this year.

In Wismilak's financial report, quoted on Sunday, May 8, the company posted net sales of IDR 757.5 billion during the first three months of 2022. This sales increased by 32.65 percent on an annual basis or year on year (yoy) from IDR 571 billion.

The company's sales performance was driven by the machine-made kretek cigarette segment which reached Rp601.3 billion. SKM sales increased by 51.37 percent yoy from IDR 397.2 billion compared to the first quarter of 2021.

Then, the company's hand-rolled kretek sales decreased 17.25 percent from IDR 112.4 billion in the first quarter of 2021 to IDR 93 billion in the first three months of 2022. Meanwhile, the company's cigar sales increased to IDR 606 million and other sales also increased to IDR 54. 5 billion in the first quarter of 2022.

WIIM recorded an increase in cost of goods sold in the first quarter of 2022 to Rp601.2 billion, from Rp405.9 billion, up 48.11 percent yoy. The increase in cost of goods sold caused the company's gross profit to drop 5.34 percent to Rp. 156.2 billion, from Rp. 165 billion.

The company also recorded a 3.32 percent decrease in operating profit from IDR 43.4 billion in the first quarter of 2021 to IDR 44.9 billion in the first three months of 2022. Profit attributable to owners of the parent company also decreased 2.31 percent from IDR 38.5 billion, to Rp37.6 billion yoy.

As for the first three months of 2022, WIIM recorded total assets of IDR 1.78 trillion, down from 2021 of IDR 1.89 trillion. The decrease in assets was due to a decrease in current assets to Rp1.4 trillion and non-current assets to Rp289.1 billion.

Likewise, the company's total liabilities decreased to Rp428 billion in the first quarter of 2022, from Rp572.7 billion at the end of December 2021. Meanwhile, the company's total equity rose slightly to Rp1.35 trillion at the end of March 2022, from Rp1.31 trillion in end of December 2021.