Gudang Garam Which Owned By Susilo Wonowidjojo Conglomerate Earned Profits Of IDR 7.64 Trillion, While Bentoel Lost IDR 2.67 Trillion In 2020

Illustration. (Photo: By courtesy)

JAKARTA - The year 2020 is actually not a friendly period for cigarette companies. However, large companies such as PT Gudang Garam Tbk (GGRM) were still able to record a profit of IDR 7.64 trillion even though it was down 29 percent compared to the previous year.

Apart from Gudang Garam, PT HM Sampoerna Tbk (HMSP) also managed to record a profit, even though it was three times the money with Gudang Garam which experienced a decline in profit. Sampoerna achieved a net profit of IDR 8.5 trillion in 2020 or a 37.5 percent decline.

PT Bentoel International Investama Tbk has not achieved what Gudang Garam and Sampoerna did. The company coded RMBA shares recorded a net loss of IDR 2.67 trillion in 2020.

This is in contrast to 2019, where the company owned by British American Tabacco recorded a net profit of IDR 50.6 billion.

Quoted from the financial report published on the information disclosure page of the Indonesia Stock Exchange (IDX) in Jakarta, Sunday, April 18, the company posted sales of IDR 13.89 trillion throughout 2020.

This sales figure has decreased by 33.3 percent compared to 2019 which recorded sales of IDR 20.8 trillion. Furthermore, the cost of goods sold throughout 2019 was recorded at IDR 12.5 trillion. This figure is down 29.5 percent compared to the previous year which amounted to IDR 17.74 trillion.

Not only recorded a loss, but the company also recorded a decrease in assets. Throughout 2020, Bentoel's total assets were IDR 12.46 trillion, down 26 percent compared to 2019 which amounted to IDR 17 trillion.

For information, this year the tobacco excise tariff (CHT) or cigarette excise officially comes into effect on February 1, 2021, at 12.5 percent. This increase will directly raise the price of cigarettes in the market.

This determination was carried out by the government by considering various things, from the health side, the smoking rate of the community, especially mothers and children, which continues to increase, to the state's financial condition.