Jakarta, 12 June 2024 – The producer of Semen Merah Putih, PT Cemindo Gemilang Tbk (CMNT) has held an Annual General Meeting of Shareholders (AGMS) for the 2023 Financial Year on Wednesday (12/06) at Gama Tower, 3rd floor, Rinjani Room, Jl. HR. Rasuna Said Kav C.22, Kuningan, South Jakarta.
During 2023, the Company succeeded in recording relatively stable revenues compared to the previous year, supported by domestic sales volume which grew by 3% in line with the growth in national cement sales volume in Indonesia in 2023.
In the midst of higher increases in industrial costs in 2023, CMNT was able to maintain Gross Profit Margin (GPM) and Operating Profit Margin (OPM) at the same level compared to 2022. Overall, the Company managed to record a net profit of IDR 159 billion in 2023.
AGMS held today, it was decided that there would be no changes in the composition of Commissioners and Directors, hence the Company's Board of Commissioners and members of the Board of Directors were re-appointed as follows:
Board of Commissioners:
President Commissioner : Jacqueline Sitorus
Independent Commissioner : Mahmuddin Yasin
Directors:
President Director : Liu Chang I (Tony Liu)
Vice President Director : Vince Erlington Indigo
Director : Ameesh Anand
Director : Surindro Kalbu Adi
The reappointment of the composition of the Board of Commissioners and members of the Board of Directors shows a commitment to continue and strengthen the Company's performance with a strong foundation to continue to grow and achieve sustainable success.
Company Outlook 2024:
At the beginning of 2024, the cement industry is faced with the challenges of a global economy that has not yet fully recovered and is overshadowed by high uncertainty due to geopolitical conditions, inflation and tight monetary policy. In addition, the domestic cement market is also experiencing weakness due to the decline in manufacturing and construction activities as a result of the 2024 elections and Idul Fitri 1445 H.
These macroeconomic conditions provide business challenges for the Company. This resulted in a decrease in the Company's cement sales volume in Indonesia by 10% compared to quarter 1-2023. However, the Company managed to record relatively stable revenues of IDR 2 trillion supported by the Company's subsidiaries which recorded positive performance and growth.
The domestic cement market in Indonesia is expected to experience a recovery trend in the remainder of 2024 supported by the Indonesian economy which will grow solidly in 2024, especially certainty in the economic aspect of the transition of the new government to continue accelerating Ibu Kota Nusantara’s (IKN) development and more equitable infrastructure development across Indonesia.
Industrial costs are expected to decline throughout 2024, especially the normalization of coal commodity prices which will have a positive impact on the Company's overall financial performance.
