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onsumer goods giant PT Unilever Indonesia Tbk is reporting a 23 percent increase in net profits for 2011, due to growing exports and increased domestic consumption.

According to a financial report submitted to the Indonesia Stock Exchange (IDX), Unilever’s net profits were Rp 4.16 trillion (US$453 million) in 2011, up from Rp 3.38 trillion a year earlier.

The increase was supported by a 19 percent jump in sales to Rp 23.47 trillion in 2011, up from Rp 19.69 trillion in 2010. Meanwhile, domestic sales contributed 95 percent, or Rp 22.43 trillion, a 15 percent increase from Rp 18.86 trillion sales in 2010.

The company also reported a 25 percent increase in exports to Rp 1.04 trillion in 2011, up from
Rp 825.75 billion a year earlier.

Unilever, whose products range from food, home care brands, personal care brands, nutrition, health, hygiene and beauty, suffered from a growing cost of goods sold of Rp 11.46 trillion, leaving its gross profits at Rp 12 trillion.

The company spent about Rp 5.24 trillion on marketing and sales expenses and Rp 1.31 trillion on general and administration expenses.

Unilever also reported a gain in its disposal of intangible assets to Rp 112.76 billion and interest income of Rp 33.19 billion, which helped the company to post Rp 5.57 trillion in profits before tax.

Unilever’s total assets stood at Rp 10.48 trillion as of Dec. 31, with liabilities of Rp 6.8 trillion and 4.05 trillion in equities.

The company, which is 84.99 percent owned by Unilever Indonesia Holding B.V and about 15 percent owned by the public, reported a balance of Rp 3.68 trillion as of Dec. 31.

Following the announcement, shares in Unilever (UNVR) closed at Rp 20,000 a piece on Friday, up 2.3 percent from Rp 19,550 a day earlier.

The head of research at MNC Securities, Edwin Sebayang, said that Unilever’s performance was in line with projections from early last year.

“This year the growth won’t be too far different,” Edwin said.

According to projections, Unilever will likely report Rp 26.56 trillion in sales this year, with estimated gross profits of Rp 13.74 trillion and profits before tax of Rp 6.21 trillion respectively.

Unilever is projected to book Rp 4.68 in net profits this year.

“That is a conservative projection,” Edwin said, adding that shares in Unilever would likely touch
Rp 24,100 a piece this year.

However, he added, the projection might be lowered if the government increased fuel prices.

“An increase will boost transportation expenses. Moreover, Unilever operates in the consumer goods business, which will be affected by public’s purchasing power,” he said.

“Therefore, the company must introduce new products or improve its marketing strategy,” he added.