Garudafood Posts Impressive Profit Growth in 2024
JAKARTA, investortrust.id – PT Garudafood Putra Putri Jaya Tbk (GOOD), a leading Indonesian food and beverage company, reported a significant surge in net profit for 2024, reaching Rp 511.58 billion ($32.5 million), up from Rp 361.13 billion in the previous year.
In its 2024 financial report, the company attributed this growth to an increase in net sales, which climbed from Rp 7.83 trillion to Rp 8.90 trillion. Gross profit also saw a sharp rise, from Rp 2.07 trillion to Rp 2.55 trillion, reflecting improved operational efficiency and strong market demand.
Robust Financial Performance
The company’s net income attributable to shareholders rose to Rp 500.84 billion, a significant increase from Rp 355.30 billion in 2023. Earnings per share also jumped from Rp 9.67 to Rp 13.58, highlighting strong profitability.
Garudafood also reported an increase in total assets from Rp 7.42 trillion to Rp 8.39 trillion. However, liabilities rose from Rp 3.51 trillion to Rp 4.67 trillion, while equity declined from Rp 3.90 trillion to Rp 3.71 trillion.
Asset Sale to Mulia Boga Raya
In mid-2024, Garudafood divested a land asset in Sumedang, West Java, to PT Mulia Boga Raya Tbk (KEJU) for Rp 78.75 billion. The land, spanning 25,000 square meters and held under a Hak Guna Bangunan (HGB) certificate, was sold to its subsidiary, in which Garudafood holds a 66.07% stake.
Johannes Setiadharma, Director of PT Garudafood Putra Putri Jaya Tbk, explained that the transaction was strategically beneficial. The land sale generated additional revenue for Garudafood, while Mulia Boga Raya gained a well-located site to expand its factory and storage facilities. This expansion is expected to improve operational efficiency and productivity for the subsidiary.
With solid financial results and strategic asset management, Garudafood continues to strengthen its position in Indonesia's competitive food and beverage sector.