Cimory Owned By Conglomerate Bambang Sutantio Earns IDR 790.19 Billion In Profit In 2021, Will It Divide IDR 237 Billion In Dividend?

Photo: Doc. Cimory

JAKARTA - Milk and yogurt producer owned by conglomerate Bambang Sutantio, PT Cisarua Mountain Dairy Tbk (CMRY) posted a net profit growth of 346.44% from IDR 177 billion in 2020 to IDR 790.19 billion in 2021. The increase in net profit was driven by sales growth of 120 percent, from IDR 1.86 trillion in 2020 to IDR 4.09 trillion throughout 2021.

Cimory Chief Financial Officer Bharat Joshi in a discussion said, seeing the company's positive performance, Cimory is always committed to paying dividends to shareholders. At the very least, he said, the company set a policy of allocating a minimum of 30 percent of net profit to be determined as dividends.

That means, Cimory will distribute dividends of around IDR 297 billion. However, this will only be decided at the upcoming CMRY Annual General Meeting of Shareholders.

Cimory is also expanding its distribution channels to boost sales volume. So far, the penetration of dairy and meat products produced by Cimory has only reached Java-Bali and parts of Sumatra.

On the other hand, Cimory also delivered good news. They will not immediately increase the selling price of the product, in the midst of the 11 percent VAT policy and the price of raw materials.

The sales volume is quite solid and the gross profit margin position which will reach 48.17 percent in 2021 provides greater room for the company not to pass on the potential increase in production costs to consumers.

For information, Cimory's significant net profit growth could not be separated from the increase in sales contribution from the dairy segment or dairy products and consumer foods. The dairy segment recorded a sales increase of 120 percent from IDR 1.20 trillion in 2020 to IDR 2.65 trillion in 2021.

Meanwhile, the consumer food segment recorded a growth of 119 percent from IDR 659.42 billion to IDR 1.44 trillion. Cimory's total assets are recorded to have increased by around 416 percent to IDR 5.60 trillion in 2021, compared to 2020 which amounted to IDR 1.08 trillion.

The details consist of current assets to IDR 4.83 trillion and non-current assets to IDR 771 billion. Meanwhile, total liabilities in 2021 will be IDR 907 billion.

Short-term liabilities reached IDR 845 billion and long-term liabilities reached IDR 62 billion. The company's total equity grew to IDR 4.69 trillion in 2021, from IDR 734 billion in 2020.