PT Sumber Alfaria Trijaya Tbk (AMRT) Q2 2024 earnings summary

Executive summary

• Revenue grew 10.0% year-over-year to IDR 59,219 billion (Rp59.2 trillion) for YTD June 2024, with gross profit up 11.7% and net profit attributable up 11.3%.

• EBITDA increased 11.9% year-over-year, and operating income rose 9.9% for the same period.

• Store network expanded by a net 649 stores in 1H 2024, reaching 22,959 locations nationwide, including 14,369 company-owned and 5,269 franchise stores.

• Online sales accounted for over 6% of total revenue, growing more than 40% year-over-year.

• The company distributed cash dividends of Rp1.19 trillion from 2023 net income and maintained a strong capital structure with low leverage.

Financial highlights

• Gross profit margin improved to 21.57% YTD June 2024 from 21.24% in the prior year.

• Net profit margin remained stable at 3.03% YTD June 2024.

• EBITDA margin increased to 7.33% from 7.21% year-over-year.

• Earnings per share rose to Rp43.21, up from Rp38.84 year-over-year.

• Total assets reached Rp35.13 trillion as of June 30, 2024, with total equity at Rp16.19 trillion.

Outlook and guidance

• Minimarkets continue to drive modern trade growth, outpacing traditional and hypermarket channels.

• Outer Islands and Java (excluding Greater Jakarta) show strong growth potential for store expansion.

• Omnichannel and digital initiatives, including Alfagift, are expected to further boost sales and customer engagement.