Indonesia's Pizza Hut Managers Able To Turn Around IDR 93.51 Billion Loss In 2020 To Earn IDR 60.76 Billion Profit In 2021

JAKARTA - The manager of a Pizza Hut outlet in Indonesia, PT Sarimelati Kencana Tbk (PZZA) posted a profit in 2021. After a loss of IDR 93.51 billion throughout 2020, PZZA managed to record a net profit for the year of IDR 60.76 billion in 2021.

In PZZA's financial report, quoted Thursday, April 7, the company earned a net profit even though sales recorded a decline. PZZA's net sales fell 1.14 percent YoY to IDR 3.41 trillion, from IDR 3.45 trillion in 2020.

Based on the product segment, PZZA's food and beverage sales before deducting compact cuts fell. Food sales decreased 1.12 percent year on year (YoY) to IDR 3.25 trillion, from IDR 3.28 trillion in the previous year.

Meanwhile, beverage sales corrected 3.84 percent YoY from IDR 181.43 billion in 2020 to IDR 174.46 billion in 2021. The suppressed expenditure items were recorded to offset the decline in PZZA sales.

The cost of goods sold decreased from IDR 1.19 trillion to IDR 1.16 trillion. The number of expenses in operating expenses also decreased significantly.

Selling expenses decreased from IDR 2.16 trillion to IDR 1.98 trillion. Likewise, general and administrative expenses decreased to IDR 204.69 billion, from the previous IDR 209.43 billion.

This prompted PZZA to record an operating profit of IDR 81.59 billion, while last year the company suffered an operating loss of IDR 61.16 billion. Meanwhile, PZZA's assets at the end of 2021 reached IDR 2.21 trillion, 0.70 percent lower than the position at the end of 2020 at IDR 2.23 trillion.

PZZA until December 31, 2021, pocketed a total asset of IDR 2.21 trillion. Meanwhile, PZZA's total liabilities fell 2.83 percent to IDR 1.05 trillion and total equity rose 1.30 percent to IDR 1.16 trillion.