Profit Of Red And White Cement Conglomerate Martua Sitorus Dropped 30 Percent To Rp79.49 Billion Despite Raising Sales Of Rp2.17 Trillion In The First Quarter Of 2022

Red and White Cement Factory. (Photo: Doc. Semen Merah Putih)

JAKARTA - The producer of the Merah Putih brand of cement owned by the conglomerate Martua Sitorus, PT Cemindo Gemilang Tbk (CMNT) and its subsidiaries posted a net profit of Rp. IDR 115.15 billion.

In CMNT's financial report, quoted on Sunday, June 19, the decline in profit occurred when the company was able to increase net sales by 8.5 percent to Rp2.17 trillion, compared to the first quarter of 2021 which was valued at Rp.2.00 trillion.

Sales of cement and slag contributed greatly to CMNT's revenue of Rp. 2.01 trillion, followed by sales of ready-mixed concrete of Rp. 146.42 billion.

Meanwhile, the cost of revenue and other operating expenses triggered a decrease in profit, as well as an increase in deferred income tax expense.

As of March 31, 2022, CMNT has total assets of Rp. 19.24 trillion, 3.2 percent higher than the position of assets at the end of 2021 of Rp. 18.63 trillion.

The obligation to pay debts or liabilities increased 3.45 percent to Rp. 15.09 trillion in the first quarter of 2022, compared to the end of 2021 of Rp. 14.58 trillion. Meanwhile, the company's equity rose to Rp4.15 trillion, from Rp4.04 trillion.

As of the end of March 2022, the company had total cash and cash equivalents of Rp807.46 billion, or higher than the same period last year of Rp394.92 billion.