PT Gajah Tunggal Tbk’s 1Q22 Net Sales Increase 7.7% year-on-year
PT Gajah Tunggal Tbk’s Net Sales increased by 7.7% from Rp 3,922 billion in 1Q21 to Rp 4,225 billion in 1Q22. Domestic sales remained strong posting a growth of 21.2%, more than offsetting the decline in export sales, which declined by 14.9%. Export sales were still disrupted in 1Q22 as global supply chain bottlenecks were still apparent, limiting shipping container availability.
The Company’s gross margins declined from 19.4% in 1Q21 to 15.2% in1Q22 due to persistently higher freight and raw material prices, which increased the Company’s input costs. The Company’s operating and EBITDA margins declined as well year-on-year, resulting in EBITDA to decline from Rp 603 billion / US$ 42.7 million in 1Q22 to Rp 455 billion / US$ 31.8 million in 1Q22. The Company’s net profit declined from Rp 113 billion in 1Q21 to Rp 75 billion in 1Q22.
Although the Company’s profit margins declined year-on-year, profitability improved in 1Q22 compared to 4Q21, as higher selling prices to mitigate the impact of higher input costs became effective.
As of the end of 1Q22 the Company complied with the financial covenants of the IDR-syndicated facilities.