Evaluating GGRM Stock Outlook Following Profit Surge in 2023

PT Gudang Garam Tbk., a cigarette issuer, saw its net profit nearly reaching 100% in 2023 compared to 2022. However, despite this growth, the company's profit levels have yet to reach pre-pandemic levels. Nevertheless, most analysts still recommend buying this stock.

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5 Apr 2024 - 17.25
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Evaluating GGRM Stock Outlook Following Profit Surge in 2023

Bisnis, JAKARTA — Despite facing challenges posed by the mounting excise burden in the cigarette industry, PT Gudang Garam Tbk. (GGRM) demonstrated remarkable profitability growth throughout 2023, instilling optimism regarding the prospects of its shares.

GGRM recorded 4.6% year-on-year (YoY) decline in revenue to IDR 119 trillion in 2023, from IDR 125 trillion in 2022.

However, the company's cost of revenue decreased even further, indicating improved business efficiency. Cost of goods fell by 8.13% YoY from IDR 113.6 trillion to IDR 104.4 trillion. As a result, the company's gross profit surged to IDR 14.6 trillion, marking a significant 31.54% YoY increase from IDR 11.1 trillion in 2022.

Furthermore, the company witnessed a 16.71% YoY increase in other income, reaching IDR 177 billion. The company further recorded a foreign exchange profit of IDR 5.7 billion, a turnaround from a loss of IDR 9.2 billion in 2022.

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