MYOR - Net profit grew 86% yoy due to higher sales

MYOR - Net profit grew 86% yoy due to higher sales Mayora Indah (MYOR), has delivered a robust performance in 1H23. Surged 86% yoy in net profit to IDR1.21 tn. This impressive growth in net profit is attributed to two main factors. Firstly, sales increased 3% yoy to IDR14.81 tn in 1H23. Secondly, a 4% yoy decline in the cost of goods sold (cogs) to IDR10.87 tn in 1H23. These factors contributed to a 32% yoy increase in the company's gross profit, ultimately resulting in the substantial 86% yoy rise in net profit. MYOR maintains its year-end target of achieving a 10% yoy sales growth to reach IDR33.7 tn. The company intends to sustain its business strategies, focusing on product availability, promotional efforts through television shows and digital platforms, and the launch of new products in various categories later this year. With allocated capital expenditure of IDR2 tn for 2023, MYOR is progressing with expansion projects, including the construction of new factories in Balaraja and Purwosari, with an estimated investment of IDR3.7 tn, aimed at increasing production capacity by approximately 30% or 200.000 ton per year. (Source : Kontan)