Profit Of Gudang Garam Owned By Conglomerate Susilo Wonowidjojo Decreases, Wismilak Jumps 537 Percent

Illustration. (Photo: By courtesy)

JAKARTA - 2020 is not a friendly period for cigarette companies. Large companies, such as PT Gudang Garam Tbk (GGRM) alone, had profits down 29 percent to IDR7.64 trillion compared to the previous year.

Apart from Gudang Garam, PT HM Sampoerna Tbk (HMSP) also managed to record a decrease in profit. Profit from the cigarette company owned by Phillip Morris fell 37.5 percent to IDR 8.5 trillion.

The cigarette company PT Wismilak Inti Makmur Tbk actually "appeared" surprising. The issuer coded as WIIM shares succeeded in scoring performance growth in terms of revenue and net profit.

Quoted from Wismilak's financial report published on the Indonesia Stock Exchange (IDX) website, Thursday, April 22, the company recorded sales of IDR 1.99 trillion in 2020. The gain was up 43 percent compared to 2019's acquisition of IDR 1.39 trillion.

In detail, the sales of the cigarette segment were recorded at IDR 1.88 trillion and the marketing and distribution segment at IDR 1.99 trillion. Both segments managed to increase from the previous year.

The company's cost of goods sold also increased to IDR1.36 trillion compared to 2019 expenses of IDR 962.04 billion. Meanwhile, several other expenses appear relatively stable compared to the 2019 position.

As a result, Wismilak managed to book profit for the year attributable to owners of the parent company of IDR 172.24 billion. This achievement increased significantly by 537 percent compared to 2019's profit of IDR 27.27 billion.

Meanwhile, Wismilak posted an increase in total liabilities to IDR 428.59 billion, compared to the position at the end of 2019 of IDR 266.35 billion. The total 2020 liabilities consist of long-term liabilities of IDR 76.79 billion and short-term liabilities of IDR 351.79 billion.

Meanwhile, Wismilak's total assets rose to IDR 1.61 trillion at the end of 2020 from IDR 1.29 trillion at the end of 2019. The increase in total assets was also in line with the increase in cash equivalents of 61.88 percent to IDR 429.55 billion in 2020 compared to IDR 265.01 billion at the end of 2019.