Indofood Products Still Selling Well Amid The COVID-19 Pandemic

Illustration. (Photo: Instagram @indomie)

JAKARTA - Processed food producers, PT Indofood Sukses Makmur Tbk (INDF) and its subsidiary, PT Indofood CBP Sukses Makmur Tbk (ICBP) are not affected by the effects of the COVID-19 pandemic. The two companies from the Salim Group recorded positive financial performance for the first semester of 2020.

Quoted from Indofood's financial release, Monday 3 August, INDF managed to record a consolidated net sales increase of 2 percent to IDR 39.38 trillion in the first semester of 2020, compared to IDR 38.61 trillion in the same period last year. Meanwhile, profit for the period attributable to owners of the parent company grew 12 percent to Rp2.84 trillion in the first semester of 2020, compared to Rp2.55 trillion in the same period the previous year.

Along with its parent company, ICBP also recorded positive performance during the first half of 2020. The company's consolidated net sales increased 4 percent annually to IDR 23.05 trillion, compared to IDR 22.13 trillion in the same period last year.

Meanwhile, profit for the period attributable to owners of the parent company ICBP managed to increase by 31 percent to Rp3.38 trillion compared to Rp2.57 trillion in the same period last year.

Anthoni Salim, President Director and Chief Executive Officer of Indofood said that even though the current global condition is full of challenges, the company which is known for its Indomie brand and various snacks can continue its positive performance throughout the first half of 2020.

According to him, challenging market conditions are expected to continue into the second half of 2020. However, his party will continue to maintain the continuity of supply and product quality for consumers, as well as increase competitiveness and maintain employee health.

"The company will continue to improve its ability to adapt quickly to changing market dynamics and competitiveness," said Anthony.