JAKARTA - The state-owned cement producer, PT Semen Indonesia (Persero) Tbk recorded a profit attributable to owners of the parent entity of IDR 498.56 billion, an increase of 10.7 percent in the first quarter of 2022. The performance of this SMGR-coded issuer can be achieved amidst coal price pressures.
The consolidated financial performance of SMGR in the first quarter of 2022 recorded revenue of IDR 8.14 trillion, an increase of 0.7 percent compared to 2021 of IDR 8.08 trillion. The cost of revenue was recorded at IDR 5.88 trillion, up 3.2 percent compared to 2021 at IDR 5.70 trillion.
Meanwhile, profit for the year attributable to owners of the parent entity was recorded at IDR 498.56 billion, an increase of 10.7 percent compared to the same quarter in 2021 of IDR 450.36 billion.
Semen Indonesia Corporate Secretary Vita Mahreyni said the company recorded a better performance with an increase in revenue of 0.7 percent to IDR 8.14 trillion compared to the same period last year.
"The increase in revenue was supported by growth in domestic sales volume which rose by 1.6 percent to 7.4 million tons in line with positive national demand growth and Semen Indonesia's main focus on the domestic market," he explained in a written statement, quoted Tuesday, May 31.
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Meanwhile, the cost of revenue increased to IDR 5.88 trillion, mostly due to the increase in the market price of coal during the first quarter of 2022. However, SMGR was still able to maintain the increase in fuel and energy costs while reducing other cost components.
Even so, there was an increase in fuel and energy costs by 28 percent, raw material costs were recorded lower by 28.5 percent YoY in line with sales volume in the first quarter of 2022. In addition, there was also a decrease in operating expenses and finance costs which contributed to the increase in profit. net in the first quarter of 2022.
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