Gudang Garam, Cigarette Manufacturer Owned By Susilo Wonowidjojo's Conglomerate Receives IDR 29 Trillion In Income In The First Quarter Of 2021

Illustration. (Photo: Unsplash)

JAKARTA - The cigarette producing company, PT Gudang Garam Tbk, managed to record revenue growth even though net profit still decreased in the first quarter of 2021.

Quoted from the financial report of the issuer coded GGRM, it recorded revenues of IDR 29.74 trillion in the first quarter of 2021. The acquisition is an increase of 9 percent compared to the acquisition in the first quarter of 2020 of IDR 27.26 trillion.

This revenue consisted of export sales which rose 34.4 percent year on year (YoY) to IDR437.79 billion and domestic sales increased 8 percent YoY to IDR29.3 trillion. In more detail, the largest revenue contribution of the company owned by conglomerate Susilo Wonowidjojo still came from machine-made kretek cigarettes amounting to IDR27.16 trillion, hand kretek cigarettes IDR2.18 trillion, klobot cigarettes IDR5.27 billion, and paperboard IDR386.54 billion.

In line with the increase in revenue, GGRM also posted an increase in the cost of goods sold to IDR 25.8 trillion in the first quarter of 2021 compared to IDR 22.31 trillion in the first quarter of 2020.

GGRM succeeded in reducing the number of expenses, such as interest expense to IDR. 29.36 billion, and income tax expense to IDR. 482.8 billion. However, the profit attributable to the owners of the parent company in the first quarter of 2021 fell 28.6 percent to IDR1.74 trillion from IDR2.44 trillion in the first quarter of 12020.

On the other hand, the company's total liabilities decreased to IDR 19.55 trillion at the end of March 2021 compared to IDR 19.66 trillion at the end of 2020. Meanwhile, the company's total assets increased to IDR 79.82 trillion in the first quarter of 2021 compared to IDR 78.19 trillion. by the end of 2020.