PT Japfa Comfeed Indonesia (JPFA) Q4 2023 earnings summary

Executive summary

• FY2023 net sales rose to Rp51,175,898 million from Rp48,972,085 million, while operating profit and net income declined; the auditor issued an unmodified opinion.

• Profit attributable to owners fell to Rp929,716 million from Rp1,419,855 million; basic EPS declined to Rp80 from Rp122.

Financial highlights

• Gross profit was Rp7,511,355 million versus Rp7,683,156 million; cost of goods sold increased to Rp43,664,543 million from Rp41,288,929 million.

• Operating profit was Rp2,206,405 million versus Rp2,750,349 million; finance costs rose to Rp988,478 million from Rp818,326 million.

• Net income was Rp945,922 million versus Rp1,490,931 million; total comprehensive income was Rp1,053,501 million versus Rp1,283,398 million.

• Net cash from operating activities rose to Rp2,371,932 million from Rp1,426,749 million; year-end cash was Rp1,502,603 million versus Rp1,811,082 million.

Outlook and guidance

• Growth plans and capex were recalibrated for market conditions; non-essential capex remains on hold, with long-term priorities in processing, consumer products, retail, aquaculture and Vaksindo.

• Construction in progress, including buildings, infrastructure, machinery and vehicles, was expected to be completed in 2024.