KLBF - Solid earnings growth yoy/qoq, in 1Q24

KLBF - Solid earnings growth yoy/qoq, in 1Q24 Kalbe Farma' (KLBF) earnings reached IDR958 bn (+11.9% yoy/+36.4% qoq) in 1Q24 on the back of higher sales and other income, with lower other expenses, yoy/qoq. KLBF' revenue grew 6.3% yoy/6% qoq to IDR8.36 tn in 1Q24, due to higher sales yoy/qoq, amidst unpredictable weather and Ramadan' fasting month. Revenue per business segment; a) Pharmaceuticals at IDR2.2 tn (+4% yoy/+19.8% qoq), b) consumer health at IDR1.25 tn (+0.9% yoy/+50.3% qoq), c) nutritionals at IDR2.15 tn (+1.9% yoy/+2.7% qoq) and, d) distribution & logistics at IDR2.77 tn (+14.9% yoy/-11.5% qoq). KLBF' gross profit still grew 3.2% yoy/13.9% qoq to IDR3.32 tn in 1Q24, despite higher cogs yoy/qoq as imported raw material prices became more expensive due to weakened IDR vs USD. While, KLBF' operating profit still grew 6.2% yoy/0.1% qoq, despite higher opex yoy/qoq due to Eid bonus for its employees. All in all, KLBF' gross, operating and net margin reached 39.7% (-120bps yoy/+270bps qoq), 15.7% (+0bps yoy /-90bps qoq) and 11.4% (+50bps yoy/+250bps qoq), respectively in 1Q24. (Source : Company, KBVS