FY24 Total Revenue achieved of 10% to IDR 3,919 bn. There was robust top-line growth across all revenue segments Herbal and Supplements with 6% YoY; Food and Beverages (18% YoY); and Pharmaceutical (10% YoY).
On a quarterly basis, 3Q24 sales declined by 19% QoQ (vs 2Q24’s 10% QoQ) as the Sales are usually weakest on the first and third quarter. In the fourth quarter, sales consistently shot up by historical evidence in 4Q23 & 4Q22 with 303% QoQ & 85% QoQ, respectively.
Astra International Tbk. (ASII) recorded a 0.6% YoY growth in net income to IDR 34.05 trillion, largely in line with our forecasts and exceeding the consensus (97%/102%).
9M24 Sales jumped 9.30% YoY to IDR 41.28 tn. Commercial Farms segment still had the major contribution by 40.70% to revenue followed by Animal Feed (26.32%), Poultry Processing and Consumer Products (15.25%), Aquaculture (8.35%), Poultry Breeding (5.70%), and Trading and Others (3.68%) COGS had a slower growth of 4.68% YoY to IDR 33.34 tn since raw material costs only risen by 2.7% YoY to IDR 26.76 tn.
Cumulatively, 9M24 has grown 4.07% YoY to IDR 19.92 tn. And Gross Profit increased at a faster pace with 9.2% YoY to IDR 7.6 tn because COGS was more stable at 1.14% YoY to IDR 12.32 tn.
Cumulatively, 9M24 has grown 4.07% YoY to IDR 19.92 tn. And Gross Profit increased at a faster pace with 9.2% YoY to IDR 7.6 tn because COGS was more stable at 1.14% YoY to IDR 12.32 tn.
Cumulatively, 9M24 Revenue increased 12% YoY to IDR 209.57 bn, while 9M24 Operating Profit increased to 16% YoY to IDR 48.76 bn due to a higher operational efficiency of 23.3% from 22.5% in 2Q24. Nine-month Net Profit also rose 10.4% YoY to IDR 37.7 bn despite a slight slip in NPM to 17.99% from 18.25% in 9M24.
2Q24 Revenue sunk 20% QoQ to IDR 843 bn due to seasonally lower sales in the second quarter mainly in its Herbal and Supplement segment (-22% QoQ) and Food and Beverage (-19% QoQ).
INDF raked in a lukewarm 2% YoY growth in 1H24 to IDR 57.30 tn—coming in slightly below our FY24 Forecast by a run-rate of 49.6% (vs Company Guidance: 48.9%), but 1H24 NPAT came in hotter with a 22% YoY soar to IDR 5.76 tn despite a lower NPAT margin of 6.7% from 9.9% in 1H23.
