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Indofood sees 11% hike in net sales amid decline in agribusiness arm
Indofood's consumer-branded product (CBP) unit continues to be the main driver of the firm's growth with 60 percent coverage of its topline.
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Global brand: An installation of Indofood in Ideafest 2019 in Jakarta showcases the company's instant noodle products, some of which have been globally distributed. (JP/Tertiani ZB Simanjuntak)
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ublicly listed food giant PT Indofood Sukses Makmur with ticker code INDF, saw its net sales grow by more than 11 percent year-on-year (yoy) to Rp 30.54 trillion (US$2.07 billion) in the first quarter this year.
More than 60 percent of the firm's topline came from its consumer-branded product (CBP) arm that produces the popular instant noodle Indomie.
Indofood’s agribusiness segment, which covers the cultivation, milling to production of cooking oils and margarine, saw its net sales slightly down by 1.7 percent yoy to Rp 4.02 trillion this first quarter. The dip was caused by a decline in crude palm oil (CPO) prices, the company said.
The company’s operating profit, which stands for income derived from its core operations, dropped by 4.5 percent yoy to Rp 4.97 trillion within the same period.
"Moving forward, we will continue to balance our market share with profitability and maintain a healthy balance sheet," Indofood's CEO Anthoni Salim said in a statement on Tuesday.
Despite a drop in some segments, Indofood still posted a more than 53 percent yoy rise in net profit to Rp 5.08 trillion, which the company attributes to net gains on foreign exchange difference from financing activities.
Read also: ‘Proud’ brands of Indonesia make it big overseas
