Snack Manufacturer, Siantar Top, Owned By Conglomerate Shindo Sumidomo, Raise Sales Of IDR 3.84 Trillion In 2020

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - Snack manufacturers, PT Siantar Top Tbk (STTP) recorded performance growth in 2020. The company owned by the conglomerate Shindo Sumidomo posted an increase in net profit and sales.

In a financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Wednesday, June 9, Siantar Top's net profit jumped 30.23 percent on an annual basis (YoY) to IDR 628.56 billion in 2020. In 2019, the profit for the year was attributable to the owner of the parent entity aka STTP's net profit is only IDR 482.62 billion.

The increase in net profit was in line with the company's net sales. Last year, Siantar Top's net sales were IDR 3.84 trillion, up 9.50 percent YoY from 2019 net sales of IDR 3.51 trillion.

STTP's net sales until the end of 2020 included local sales of IDR 3.53 trillion and export sales of IDR 336.95 billion. Both recorded growth of 10.26 percent YoY and 2.72 percent YoY from the notch in the previous year.

The surge in net sales of STTP in 2020 pushed up the cost of goods sold by 8.46 percent YoY from IDR 2.55 trillion in 2019 to IDR 2.77 trillion.

The increase also occurred in other expense items, namely general and administrative expenses. Until the end of December 2020, STTP recorded general and administrative expenses of IDR 140.80 billion, up 20.76 percent YoY from general and administrative expenses in 2019 of IDR 116.60 billion.

Even so, Siantar Top was still able to cut expenses on several expense posts. Selling expenses, for example, recorded a decline of 16.77 percent YoY from IDR 217.19 billion down to IDR 180.76 billion in 2020.

On the other hand, the financial burden also managed to decrease by 28.07 percent YoY to IDR 22.10 billion in 2020. In the previous year, STTP still bore a financial burden of IDR 30.72 billion.

As of December 31, 2020, STTP recorded total assets of IDR 3.44 trillion, with total liabilities of IDR 775.69 billion and equity of IDR 2.67 trillion.