Gudang Garam, A Cigarette Manufacturer Owned By Conglomerate Susilo Wonowidjojo Earned IDR 114 Trillion In Sales In 2020

Gudang Garam Building in Kediri, East Java. (Photo: Doc. Antara)

JAKARTA - Cigarette manufacturer, PT Gudang Garam Tbk recorded a positive performance in 2020. The company coded GGRM shares recorded an increase in terms of revenue throughout 2020.

Quoted from Gudang Garam's financial report published on the information disclosure page of the Indonesia Stock Exchange (IDX), Wednesday, March 31, the company recorded revenue growth of IDR 114.47 trillion. This figure increased by IDR 3.95 trillion or an increase of 3.57 percent of the revenue of the company owned by conglomerate Susilo Wonowidjojo in 2019 which was valued at IDR 110.52 trillion.

However, the cost of goods sold also increased to IDR 97.08 trillion, up to IDR 9.34 trillion from the 2019 position of IDR 87.74 trillion. The increase in the cost of goods sold made gross profit to IDR 17.38 trillion, or down from 2019 which reached IDR 22.78 trillion.

As a result, the profit attributable to the owners of the parent entity was IDR 7.64 trillion, or a 29.19 percent drop from the previous year's profit of IDR 10.88 trillion. Basic and diluted earnings per share or earnings per share were also reduced to IDR 3.975, compared to IDR 5.655 in 2019.

The company's total assets decreased slightly to IDR 78.19 trillion from 2019 which amounted to IDR 78.64 trillion. The increase in non-current assets to IDR 28.65 trillion from the previous year's position of IDR 26.56 trillion.

Meanwhile, total current assets decreased to IDR 49.53 trillion compared to IDR 52.08 trillion in the previous year. The company's total equity increased to IDR 58.52 trillion compared to IDR 50.93 trillion in the previous year.

Meanwhile, the position of cash equivalents increased to IDR 4.76 trillion from the 2019 position of IDR 3.45 trillion. From this post, it can be seen that the company made quite high short-term loan payments of IDR 20.6 trillion with the drawdown of IDR 9.5 trillion short-term loans.

At the close of trading today, GGRM's shares also fell 1.36 percent or 500 points to the level of IDR 36.175 per share. Shares of the company owned by the 6th richest person in Indonesia were previously at the level of IDR 36.675 in trading yesterday.