SIG (SMGR) increases Cement Sales In 2023

Semen Indonesia (SMGR) or SIG recorded a cement sales volume of 40.62 million throughout 2023, an increase of 10% on an annual basis.

SIG (SMGR) increases Cement Sales In 2023

PT Semen Indonesia (Persero) Tbk. (SMGR) or SIG reported a total cement sales volume of 40.62 million tons in 2023, marking a 10% annual increase, supported by growth in the bulk segment and exports.

This increase was detailed by Vita Mahreyni, SIG's Corporate Secretary, highlighting a 17.3% year-on-year growth in domestic bulk cement sales and a 42% increase in the export segment.

The company's involvement in various National Strategic Projects, such as the construction of the IKN Nusantara infrastructure and the Trans Sumatra Toll Road, drove this growth.

With the rise in sales volume, SIG managed to record a 6.2% increase in revenue from IDR 36.38 trillion in 2022 to IDR 38.65 trillion in 2023. Despite challenges from rising fuel costs and inflation, operational optimization initiatives helped manage overall costs per ton.

SIG also succeeded in reducing interest-bearing debt and financial burdens, contributing to a pre-tax profit increase to IDR 3.30 trillion. However, net profit attributed to the parent entity's owners fell by 8.22% YoY to IDR 2.17 trillion, with earnings per share decreasing from IDR 397 to IDR 321.

Adjusting for the impact of a deferred tax liability reduction in 2022 due to internal group restructuring, SIG noted a 5.9% increase in net profit compared to 2022. The company also saw a slight decrease in total assets to IDR 81.82 trillion and a 4.51% YoY reduction in liabilities to IDR 31.76 trillion, while equity rose by 1.19% annually.

Cash flow equivalents by the end of December 2023 increased by 16.52% YoY to IDR 6.93 trillion. In the stock market, SMGR shares were corrected by 2.54% to IDR 5,750 per share as of the first trading session on Wednesday (13/3), reflecting a 10.16% year-to-date decline.