Indocement Sales In The First Quarter Of 2024 Reach 4.54 Million Tons

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Indocement Tunggal Prakarsa Tbk posted a sales volume of 4.54 million tons of cement and clinics in the first quarter of 2024, an increase of 90 thousand tons or 2 percent compared to the first quarter of last year.

Corporate Secretary of Indocement Dani Handajani in Citeureup, Bogor Regency, West Java, Monday, May 6, revealed that the total volume of domestic cement sales was recorded at 4.47 million tons, 176 thousand tons higher or 4.1 percent.

The increase in sales volume, he said, came from the cement production of PT Semen Grobogan whose shares were taken over by PT Indocement in November 2023.

"This causes our domestic market share (sement only, referring to data from the Indonesian Semen Association/ASI) to 29.5 percent in 2023 with Java 38.4 percent and outside Java 20.4 percent," said Dani, as reported by Antara.

He said, although the overall sales volume was higher, the company's net income was at IDR 4.8 trillion or 3.8 percent lower than the lower consolidated price due to the composition of product mixtures.

There was a significant increase in the composition of bulk products from 25.4 percent in the first quarter of 2023 to 30.6 percent in the first quarter of 2024 which was caused by an increase in supply to the capital city of Nusantara (IKN).

"The high sales volume of the fighting brand also has an impact on the overall consolidation price," he said.

Dani explained that the cost of revenue fell to IDR 2.9 trillion or 2.3 percent lower due to overall efficiency. This, he said, resulted in a gross profit margin of 28.9 percent in the first quarter of 2024.

Then, higher operating expenses of 6.6 percent to Rp876 billion came from higher sales volume and additional operations in Semen Grobogan including increased shipping and advertising costs.

Dani revealed that Indocement posted a net cash position with cash equivalents to IDR 2.5 trillion on March 31, 2024.