JAKARTA - The consumer company PT Mayora Indah Tbk (MYOR) posted an increase in sales in the first quarter of 2022. However, the net profit of the company owned by the conglomerate Jogi Hendra Atmadja fell significantly in line with the swelling costs of raw materials and packaging.
In Mayora's financial report, quoted on Thursday 5 May, the snack food producers Beng Beng, Choki Choki and others posted net sales of Rp7.58 trillion in the first quarter of 2022. This net sales rose 3.41 percent compared to the first quarter of 2021 of Rp. Rp7.33 trillion.
Mayora's operating profit also decreased from Rp996.13 billion in January-March 2021 to Rp441.53 billion in the first 3 months of 2022. This decrease was in line with increasing operating expenses from Rp1.17 trillion to Rp1.21 trillion.
Shipping expenses which increased from Rp139.97 billion to Rp219.03 billion were the cause of the increase in operating expenses.
Mayora recorded a profit for the year attributable to owners of the parent company of Rp306.0 billion. This net profit fell 62.81 percent YoY from the previous Rp822.87 billion.
MYOR Corporate Secretary Yuni Gunawan said the decline in Mayora's net profit was caused by the increase in raw material prices. Higher distribution costs also reduced the company's profits.
Mayora's financial report shows that the cost of raw materials and packaging has increased, from Rp3.94 trillion in the first quarter of 2021 to Rp4.72 trillion in the first quarter of 2022.
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