ERAA - Earnings declined 18.44% yoy in 2023

ERAA - Earnings declined 18.44% yoy in 2023 Erajaya Swasembada' (ERAA) revenue grew 21% yoy to IDR60.14 tn in 2023 due to higher sales yoy. In 2023, ERAA opened around 629 new stores and has a total of 2,049 stores per FY23. Although with 21.7% yoy higher cost of goods sold (COGS), ERAA' gross profit still grew around 20% yoy to IDR6.44 tn. All in all, ERAA' net profit declined 18.44% yoy to IDR826.05 bn in 2023, due to higher costs pressure with its interest expense grew more than double yoy at IDR601.1 bn. For 1Q24, ERAA expects to book higher sales yoy during Ramadan' month. (Source : Company, KBVS)