Indofood Profit Increases 63.27 Percent To IDR 3.84 Trillion In The First Quarter Of 2023

JAKARTA - PT Indofood Sukses Makmur Tbk (INDF) posted sales of IDR 30.54 trillion in the first quarter of 2023. This achievement increased 11.28 percent year on year (yoy) from the previous IDR 27.44 trillion in the same period last year.

Indofood's increase in sales was driven by sales to third parties amounting to Rp28.28 trillion, an increase of 12.09 percent (yoy), and sales to related parties amounted to Rp2.26 trillion, an increase of 2.03 percent (yoy).

However, Indofood's increase in revenue was accompanied by an increase in cost of goods sold by 14.4 percent from Rp18.4 trillion in the first quarter of 2022 to Rp21.05 trillion in the first quarter of 2023.

After deducting various expenses, Indofood's operating profit decreased 4.51 percent (yoy) from IDR 5.2 trillion in the first quarter of 2022 to IDR 4.96 trillion in the first quarter of 2023.

Quoting Antara, Indofood still posted a profit for the period attributable to owners of the parent entity of IDR 3.84 trillion in the first quarter of 2023, or an increase of 63.27 percent (YoY) from the same period last year of IDR 2.35 trillion.

Meanwhile, the increase in profit for the current period was driven by an increase in financial income from Rp. 98.13 billion to Rp. 2.27 trillion. The financial income comes from a net profit of the difference in the exchange rate of foreign currencies from funding activities.

Until the end of March 2023, Indofood's total assets increased to IDR 183.63 trillion compared to the end of December 2022 of IDR 180.43 trillion.

It was recorded that total liabilities decreased to IDR 85.95 trillion compared to the end of December 2022 of IDR 86.81 trillion. Meanwhile, total equity rose to IDR 97.68 trillion compared to the end of 2022 of IDR 93.62 trillion.