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Indofood bucks COVID-19 trend with 2020 net profit growth across all four businesses
Indofood saw its net profit grew more than 30 percent last year as consumers stocked up on packaged foods during the government's "work at home, study at home" policy.
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An Indofood installation at Ideafest 2019, themed "Age of Pride", showcases hundreds of packages of the company's globally famous instant noodles at the Jakarta Convention Center in October. (JP/Tertiani ZB Simanjuntak)
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ood manufacturing giant PT Indofood Sukses Makmur (INDF) and its subsidiary, food processing company PT Indofood CBP Sukses Makmur (ICBP), booked profit growth in 2020 on sales driven by strong demand for processed foods, in defiance of the pandemic-induced economic crunch.
According to its latest financial report, publicly listed Indofood saw its net profit grow 31.5 percent year-on-year (yoy) to Rp 6.46 trillion in 2020 while its revenue grew 6.7 percent yoy to Rp 81.73 trillion to offset the 2 percent yoy cost increase to Rp 54.98 trillion.
“Indofood managed to book consistent performance through the strength of its vertically integrated business model and its well-known consumer brands,” Indofood president director Anthoni Salim said in a statement on Tuesday.
He said that going forward, the company would continue to exercise caution in protecting employee health and to strengthen its vertically integrated business model.
Read also: Indofood, ICBP book double-digit growth in first half of 2020
The Indofood financial report also shows that revenue grew across all four business segments. Subsidiary ICBP, which manages Indofood’s consumer branded products (CBP) segment, the largest contributor to income, grew sharply at 10 percent yoy to Rp 46.97 trillion.
The CBP segment covers products such as Indomilk, Chitato potato chips and Indofood’s all-time bestseller, Indomie instant noodles. Demand for these products remained robust last year as many stay-at-home Indonesians stocked packaged foods during the government’s large-scale social restrictions (PSBB).
