Garudafood Owned By Conglomerate Sudhamek Agoeng Waspodo Raises Rp6.37 Trillion Revenue In Q3 2021

Conglomerate Sudhamek Agoeng Waspodo. (Photo: Doc. Antara)

JAKARTA - The processed food company, PT Garudafood Putra Putri Jaya Tbk recorded a brilliant performance in the first nine months of this year. The revenue and profit of the issuer codenamed GOOD was able to grow significantly in the third quarter of 2021.

In the presentation material for Garudafood's public expose, which was delivered by the company on the Indonesia Stock Exchange (IDX) website, quoted on Thursday, October 28, the company owned by conglomerate Sudhamek Agoeng Waspodo recorded a net profit of Rp370 billion in the third quarter of 2021.

This achievement jumped by 87.81 percent on an annual basis (year on year/yoy) compared to the same period the previous year which was valued at Rp173 billion. This profit was successfully achieved driven by the company's revenue which increased by 10.93 percent to Rp6.37 trillion in the third quarter of 2021, compared to the previous same period of Rp5.74 trillion.

By segment, the largest sales contribution was contributed by the food segment with a value of 86.7 percent or Rp5.52 trillion. The rest was from beverages amounting to Rp846.1 billion and other segments.

In terms of assets, Garudafood decreased to Rp6.51 trillion from the previous Rp6.57 trillion at the end of December 2020.

Liabilities decreased slightly to Rp3.64 trillion at the end of September from Rp3.68 trillion at the end of 2020. Meanwhile, the company's equity also experienced a slight decline to Rp2.87 trillion at the end of the third quarter of 2021 from Rp2.89 trillion at the end of last year.

In facing the challenges throughout the year, the company has prepared various strategies. Garudafood will create new breakthroughs in increasing sales through new distribution channels, segments and market shares, as well as the launch of new innovative products.

The producer of Gery, Chocolatos, Kacang Garuda, and Keju Prochiz products will also increase the selling price by 1-3 percent for 30 percent of the products sold as a result of the increase in raw material prices.