PT Mayora Indah Tbk (MYOR) Q2 2024 earnings summary

Executive summary

• Net sales for the six months ended June 30, 2024 reached Rp 16.22 trillion, up 9.5% year-over-year, with profit for the period at Rp 1.75 trillion, a 41% increase from the prior year.

• Gross profit rose to Rp 4.19 trillion, and operating profit increased to Rp 2.01 trillion, reflecting improved margins and cost control.

• Cash dividends of Rp 1.23 trillion (Rp 55/share) were distributed, and a general reserve of Rp 2 billion was appropriated from 2023 profits.

Financial highlights

• Net sales grew to Rp 16.22 trillion from Rp 14.82 trillion year-over-year; gross profit margin improved to 25.8%.

• Net income attributable to owners was Rp 1.72 trillion, up from Rp 1.22 trillion; basic EPS increased to Rp 77 from Rp 55.

• Total assets rose to Rp 27.45 trillion as of June 30, 2024, from Rp 23.87 trillion at year-end 2023.

• Operating cash flow for the period was Rp 1.46 trillion, with cash and equivalents at Rp 5.91 trillion at period end.

• Total liabilities increased to Rp 11.64 trillion, while total equity reached Rp 15.81 trillion.

Outlook and guidance

• Management continues to focus on maintaining healthy capital ratios and gearing, with a net debt to equity ratio of -2.9% as of June 30, 2024.

• The company aims to sustain growth in both domestic and export markets, supported by ongoing capital expenditures and expansion.