Indocement records 2023 sales of 19.3 million tonnes

Kotabaru, South Kalimantan (ANTARA) - PT Indocement Tunggal Prakarsa Corporate Secretary Dani Handajani with the Indocement Board of Directors. (ANTARA/HO-Indocement)

PT Indocement Tunggal Prakarsa Tbk (INTP) posted its 2023 overall sale (cement and clinker) of 19.3 million tonnes, 1.75 million tonnes or 10% higher compared to previous year.

Indocement's Corporate Secretary Dani Handajani said that the overall domestic cement sales volume was recorded at 18.8 mlllion tonnes, increased by 8.6% or around 1.5 million tonnes.

"This volume includes a full year volume from Maros operation plus one month volume in December from Grobogan operation, because acquisition of PT Semen Grobogan was completed on December 1, 2023," he noted in a press release here, Tuesday.

Indocement's total domestic cement market share is 27,3% in 2023 (referring to data from Ministry of Industry), with Java 33.9% and outside Java 20.5%. Export sales increased +89,0% from 306,000 tonnes to 579,000 tonnes until Q3/2023.

"This condition has an impact on the company's net income which increased 9.9% to IDR17,949.8 billion due to increased sales volume," he said.

Another impact, cost revenue increased 8.2% to -IDR12,103,0 billion, which affected the increase in gross profit margin from 31.5% in 2022 to 32.6% in 2023.

Higher operating expenses +8,8% to become IDR3,626.2 billion due to an increase of sales volume and cost associated with expanding operation both in Maros and Grobogan.

Decrease in other operating expenses (Neto) – after deducting IDR61.5 billion or lower -85.3% mainly due to the high completion of one-off projects in Q4/2022, including foreign exchange losses in 2023 vs exchange rate gain in 2022.

This made the operating profit margin 12.7% and EBITDA 20.4% in 2023.

"The company posted higher financial - net income of IDR84.7 billion or +108.6% in line with the overall interest rate increase in 2023 and net income tax burden ramained the same -IDR446.1 billion or +0,2%," he expounded.

Profit for the year increased +5.9% from IDR1,842.4.9 billion in 2022 to IDR1,950.3 billion in 2023.