PT Mayora Indah Tbk (MYOR) Q4 2023 earnings summary

Executive summary

• FY2023 net sales were Rp31,485,008,185,525 versus Rp30,669,405,967,404 in 2022; profit for the year rose to Rp3,244,872,091,221 from Rp1,970,064,538,149.

• Operating profit increased to Rp4,299,475,347,200 from Rp2,433,114,641,701, alongside gross profit of Rp8,407,777,758,683 versus Rp6,839,423,338,924.

• Auditors issued an unmodified opinion; the key audit matter was the expected credit loss allowance on trade receivables.

Financial highlights

• Net sales: Rp31,485,008,185,525 in 2023 versus Rp30,669,405,967,404 in 2022; cost of goods sold fell to Rp23,077,230,426,842 from Rp23,829,982,628,480.

• Gross profit was Rp8,407,777,758,683 versus Rp6,839,423,338,924; operating expenses declined to Rp4,108,302,411,483 from Rp4,406,308,697,223.

• Profit before tax was Rp4,093,715,832,812 versus Rp2,506,057,517,934; profit for the year was Rp3,244,872,091,221 versus Rp1,970,064,538,149.

• Parent-attributable profit was Rp3,193,816,276,615 versus Rp1,942,229,752,036; basic EPS was Rp143 versus Rp87.

Outlook and guidance

• Construction in progress reached 79.93% completion at Dec. 31, 2023, up from 76.99%; completion was expected in 2024.

• A continuing bond offering, Mayora Indah III Phase I 2024, was planned; reissued statements were prepared for the offering documents.