Gudang Garam, Garpi And Surya Pro Cigarette Manufacturer Owned By Conglomerate Susilo Wonowidjojo, Its Profits Drop 39 Percent In Semester I 2021

Salt Warehouse Office. in Kediri, East Java (Photo: Doc. WIkimedia Commons)

JAKARTA - The cigarette company PT Gudang Garam Tbk recorded revenue growth in the first half of 2021. However, the issuer with the stock code GGRM recorded a decrease in net profit in the first six months of 2021.

In Gudang Garam's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Sunday, August 8, the company owned by conglomerate Susilo Wonowidjojo posted revenue of IDR 60.58 trillion in the first half of 2021. GGRM's revenue rose 12.92 percent year on year (yoy) from IDR 53.65 trillion in the first semester of 2020.

However, the cost of goods sold for the Gudang Garam Filter and Surya Pro cigarette producers swelled to IDR 54.04 trillion as of June 2021 from IDR 44.99 trillion previously. GGRM's gross profit in the first semester of 2021 was also cut to IDR 6.54 trillion from the previous IDR 8.66 trillion.

As a result, net profit attributable to owners of the parent entity reached IDR 2.31 trillion. The net profit achievement fell quite deeply, which was 39.53 percent yoy from IDR 3.82 trillion in the first semester of 2020.

Gudang Garam disbursed net cash for investment worth IDR 2.26 trillion as of June 2021, down from the same period the previous year of IDR 2.51 trillion. Cash and cash equivalents at the end of the first semester of 2021 were IDR 6.56 trillion, down from IDR 8.25 trillion as of June 2020.

GGRM's total liabilities as of June 2021 decreased to IDR 18.6 trillion from last year's end of IDR 19.67 trillion. In the first semester of 2021, short-term liabilities reached IDR 15.93 trillion, down from the previous IDR 17 trillion, while long-term liabilities were IDR 2.67 trillion, up slightly from IDR 2.65 trillion.

Meanwhile, Gudang Garam's total equity reached IDR 60.83 trillion as of June 2021, up from the end of 2020, which was IDR 58.52 trillion. GGRM's total assets also rose to IDR 79.44 trillion from the previous IDR 78.19 trillion.