PT Indocement Tunggal Prakarsa (INTP) Q4 2023 earnings summary

Executive summary

• FY2023 net revenue was Rp17,949,756m versus Rp16,328,278m; profit for the year was Rp1,950,266m versus Rp1,842,434m.

• Domestic cement and clinker sales reached 18,766k tons, up 8.6%; Semen Grobogan was fully acquired effective 1 December 2023.

• The independent auditor issued an unmodified opinion on the consolidated financial statements.

Financial highlights

• Gross profit rose to Rp5,846,725m from Rp5,143,158m; cost of revenues increased to Rp12,103,031m from Rp11,185,120m.

• EBITDA increased 5.8% to IDR 3,656.5bn; profit for the year rose 5.9% to IDR 1,950.3bn.

• Operating expenses increased 8.8% to IDR 3,626.2bn, reflecting higher delivery, selling, labor and expanded-operation costs.

• Net cash from operating activities was Rp3,485,045m versus Rp2,401,773m.

Outlook and guidance

• Domestic cement demand is projected to grow 2%–3% in 2024, with strong bulk demand expected to continue.

• Four new 2,500-ton Samarinda Terminal silos are expected to support bulk supply to IKN and Northern Kalimantan projects.

• Environmental-friendly cement sales are expected to increase; planned investment focuses on sustainability, digitalization and automation, particularly at Semen Grobogan and Maros.