Indocement Successfully Achieved Profit of IDR1,950.4 Billion for 2023, Growth 5.9%
Overview Indocement financial result for 2023, namely:
- From ASI data, domestic cement market grew +3.6% (64,016k ton) with bag market +0.1 (45,436k) and bulk market +13.3% (18,580k). Semen Grobogan volume was still excluded from ASI data in 2023.
- Bulk market portion continued to increase in 2023 to 29% vs. 2022 of 27% and 2021 of 22%. The construction of new capital city (IKN) pushed the bulk market to grow +91.9% in Kalimantan.
- PT Semen Grobogan was acquired fully by 1 December 2023.
- Indocement recorded domestic sales volume (cement and clinker) at 18,766k ton (Grobogan included) or +8.6% higher, mainly contributed from Maros operation. Overall export was 579k ton or +89.0% higher with top 3 clinker shipments to Bangladesh (173k), Australia (133k), and Brunei Darussalam (123k).
- Indocement domestic cement market share was at 27.3% with Java 33.9% and outside Java 20.5%.
- Net Revenues increased +9.9% to IDR 17,949.8bio from higher sales volume.
- Cost of Revenues increased +8.2% to IDR 12,103.0bio, lower than percentage increase in Net Revenues due to some savings in energy cost (DMO coal).
- Margin for EBITDA was at 20.4% or IDR 3,656.5 and Profit for the Year at 10.9% or IDR 1,950.3.
