Indonesian KFC Managers Owned By Ricardo Gelael And Conglomerate Anthony Salim Earn IDR 4.84 Trillion In Revenue But Still Lose IDR 33.20 Billion In 2021

KFC Gelael. (Photo: Wikimedia Commons)

JAKARTA - The company managing the KFC restaurant chain in the country, PT Fast Food Indonesia Tbk (FAST), recorded a stable performance throughout 2021 compared to the previous year. The company, whose shares are owned by Ricardo Gelael and conglomerate Anthony Salim, was able to record revenue and profit growth last year.

In Fast Food Indonesia's financial report, quoted on Sunday, May 1, the company posted revenue of IDR 4.84 trillion throughout 2021, a slight increase of 0.004 percent compared to 2020 revenue.

By product segment, revenue from food and beverage sales to third parties was stable at Rp4.81 trillion. FAST posted an increase in delivery services from only IDR 5.97 billion in 2020 to IDR 6.67 billion in 2021.

Meanwhile, commissions on consignment sales decreased from Rp. 57.78 billion in 2020 to Rp. 31.48 billion. Fast Food Indonesia's cost of goods sold decreased throughout 2021, from Rp. 1.97 trillion in 2020 to Rp. 1.97 trillion in 2021, down 3.38 percent yoy.

With this performance, FAST's gross profit increased from IDR 2.86 trillion to IDR 2.93 trillion. Despite being successful in reducing sales and distribution expenses to Rp2.60 trillion from the previous Rp2.76 trillion, FAST's general and administrative expenses increased from Rp623.55 billion to Rp680.06 billion.

Other operating expenses also increased from only IDR 17.30 billion in 2020 to IDR 45.02 billion. The increase in a number of expense items made FAST suffer a loss of Rp. 33.20 billion, this loss is lower than the loss in 2020 of Rp. 447.41 billion.

Furthermore, Fast Food Indonesia's total assets decreased from IDR3.72 trillion at the end of 2020 to IDR3.55 trillion in 2021. Meanwhile, total liabilities increased to IDR2.63 trillion as of December 31, 2021, from the position at the end of 2020 of IDR2.48. trillion.