PT Indocement Tunggal Prakarsa (INTP) Q3 2024 earnings summary

Executive summary

• 9M2024 net revenue rose 3.0% to Rp13,320,674 million; profit for the period fell to Rp1,055,929 million from Rp1,267,267 million.

• EBITDA was IDR 2,531.6bn at a 19.0% margin; domestic cement volume reached 14.55m tons, with Semen Grobogan contributing materially to growth.

• Domestic cement market share was 29.7%, including 37.8% in Java and 21.1% outside Java.

Financial highlights

• Net revenue increased to Rp13,320,674 million from Rp12,927,691 million; cost of revenue rose to Rp9,237,692 million from Rp8,839,130 million.

• Gross profit was Rp4,082,982 million versus Rp4,088,561 million; operating expenses rose to Rp2,722,013 million from Rp2,582,843 million, and operating income declined 8.9% to IDR 1,380.6bn.

• EBITDA was IDR 2,531.6bn versus IDR 2,529.4bn; profit for the period fell to IDR 1,055.9bn from IDR 1,267.3bn.

• Profit before tax was Rp1,329,954 million versus Rp1,603,886 million; finance income declined and finance costs increased.

Segment performance

• Cement generated Rp12,150,778 million in external revenue and Rp3,923,106 million in gross profit; ready-mix concrete generated Rp1,120,125 million and Rp75,065 million, respectively.

• Aggregates generated Rp49,771 million in external revenue and Rp81,501 million in gross profit; consolidated gross profit was Rp4,082,982 million after eliminations.

• Domestic cement market volume rose 9.6%, while volume excluding Semen Grobogan was flat; domestic market growth was 1.6%.

• Domestic bag market contracted 2.0%, while bulk grew 10.9%; bulk composition reached 30.7% from 28.1%.

• Regional market growth: Kalimantan +17.9%, Java +2.8%, Bali & NT +7.1%, Sumatra -1.1%, Sulawesi -11.9%, East Indonesia -6.7%.