PT Indofood Sukses Makmur Tbk (INDF) Q3 2024 earnings summary

Executive summary

• Net sales for the nine-month period ended September 30, 2024, reached Rp86.94 trillion, up 3.6% year-over-year, with net income attributable to equity holders at Rp8.76 trillion, a 23.7% increase from the prior year period.

• Gross profit rose to Rp29.69 trillion, with a gross margin improvement to 34.1% from 31.2% year-over-year.

• Total assets increased to Rp195.49 trillion as of September 30, 2024, from Rp186.59 trillion at year-end 2023.

• The group maintained a strong cash position, with cash and cash equivalents at Rp30.99 trillion, up from Rp28.58 trillion at year-end 2023.

Financial highlights

• Operating income for the nine-month period was Rp16.09 trillion, up 13.2% year-over-year.

• EBITDA margin improved, supported by higher gross profit and controlled operating expenses.

• Basic earnings per share rose to Rp998 from Rp807 year-over-year.

• Total equity attributable to owners increased to Rp65.06 trillion, with non-controlling interests at Rp42.88 trillion.

• Cash dividends of Rp2.34 trillion were distributed in July 2024.

Outlook and guidance

• Management expects continued growth in branded consumer products and distribution, with agribusiness performance subject to commodity price volatility.

• No formal foreign exchange hedging policy; natural hedges and ongoing monitoring of market conditions are in place.

• Capital expenditures and advances for asset purchases totaled Rp4.26 trillion for the period.