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ublicly listed cigarette maker PT HM Sampoerna has kept its financial performance in check despite growing challenges facing the industry, such as higher excise, a sponsorship ban and requirements for pictorial health warnings.

Indonesia'€™s largest company by market value saw net sales rise by 10.39 percent in 2015 to Rp 89.07 trillion (US$6.7 billion), pushing up revenues by 8.9 percent to Rp 42.1 trillion and net profits by 1.8 percent to Rp 10.4 trillion.

That is despite the number of sold cigarettes stagnating at 109 million, in line with the nationwide trend of cigarette sales, which flatlined last year at 314 billion pieces as a sluggish domestic economy weakened people'€™s purchasing power.

Sampoerna, owned by the world'€™s largest listed tobacco company, Philip Morris Inc., commands a market share of around 35 percent, relying mainly on its brands Sampoerna A, Dji Sam Soe Magnum and Dji Sam Soe Magnum Blue.

Sampoerna president director Paul Janelle said his firm'€™s solid market share last year, which was barely changed from the previous year, highlighted the strength of its superior brand portfolio.

'€œAs the largest cigarette manufacturer in Indonesia, Sampoerna is committed to producing and marketing high-quality cigarettes for adult smokers,'€ he was quoted as saying in a company statement made available on Wednesday.

The company'€™s positive financial performance last year appeared to be unaffected by challenges facing the domestic cigarette industry, such as last year'€™s 8.7 percent increase in the tobacco excise '€” which is set to rise by another 11 percent on average this year '€” and smoking restrictions in public spaces as well as the prohibition for tobacco firms to sponsor events.

Last year, all cigarette firms also fully complied with the government'€™s requirement for pictorial health warnings on cigarette packs.

Indonesia'€™s economy grew by 4.79 percent in 2015, the slowest rate since the 2009 global financial crisis, with weak purchasing power putting pressure on domestic consumption, which accounts for half of the country'€™s economy.

Janelle said his company'€™s strong performance in the market had supported government excise tax revenue objectives and contributed to the livelihoods of Indonesians involved in the business.

The company'€™s financial report reveals that it paid Rp 54.24 trillion in excise to the government last year, also claiming that it has paid the largest tax amount of around Rp 67 trillion in the same period.

Sampoerna'€™s shares traded at Rp 110,775 on Wednesday, down 0.56 percent from the previous day. They have gained 17.85 percent so far this year, easily outperforming the Jakarta Composite Index'€™s (JCI) 5.29 percent gain.

The company as of Wednesday had Rp 515.41 trillion in market capitalization, the biggest among all companies listed on the local stock exchange.

Sampoerna carried out a jumbo rights issue in October last year, generating gross proceeds of Rp 20.77 trillion, in its effort to fulfill the bourse'€™s requirement to boost its public ownership from 1.82 percent to 7.5 percent.

Asjaya Indosurya Sekuritas analyst William Surya Wijaya said Sampoerna still had bright business prospects as it also operated several subsidiaries, ranging from cigarette distribution to leisure and property. The company has 11 subsidiaries in Indonesia and Singapore, according to its financial report.

'€œBesides, smoking is also addictive,'€ William said.