GGRM – A 197.33% yoy net profit growth in 9M23

GGRM – A 197.33% yoy net profit growth in 9M23 Gudang Garam (GGRM) net profit grew 197.33% yoy in 9M23 to IDR4.46 tn. GGRM' 9M23 net profit growth is driven by 18.44% yoy decline in its COGS (at IDR70.33 tn) that outpaced 12.96% yoy decline in its revenue (at IDR81.75 tn). The decline in GGRM's 9M23 revenue was due to 13.1% yoy decline in its domestic sales (at IDR80.59 tn) and 1.63% yoy decline in its export sales (at IDR1.15 tn). (Source: Kontan)