The 2023 annual financial report release season has arrived, and Indonesian conglomerates are starting to show the performance of their flagship issuers. Performance was mixed, with some issuers recording significant profit growth, while others experienced a decline.
Profit Growth:
PT Gowa Makassar Tourism Development Tbk (GMTD), owned by Lippo Group: 1,333.33% increase in net profit.
PT Astra International Tbk (ASII): Net profit rose 10.12%.
PT Indofood CBP Sukses Makmur Tbk (ICBP): Net profit rose 11.5%.
PT Telekomunikasi Indonesia Tbk (TLKM): Net profit rose 8.5%.
PT Bank Central Asia Tbk (BBCA): Net profit rose 8.2%.
Profit Decline:
PT VKTR Teknologi Mobilitas Tbk (VKTR) owned by Bakrie Group: 90% decline in net profit.
PT Adaro Energy Tbk (ADRO): Net profit decline of 43.3%.
PT Bayan Resources Tbk (BYAN): Net profit decline of 43.3%.
Analysis:
The performance of conglomerate issuers reflects macroeconomic conditions and diverse industries.
Consumer and telecommunication sectors showed stable growth.
The commodity sector is under pressure due to the decline in global prices.
