Kalbe Farma Profit Soars to $198 Million in 2024
Main Takeaways
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JAKARTA, investortrust.id — Indonesia’s largest pharmaceutical company, PT Kalbe Farma Tbk, has posted a sharp rise in net profit attributable to its parent company, reaching Rp 3.24 trillion, or approximately $198.2 million, in 2024. This marks a 17% increase from Rp 2.76 trillion the year before, underscoring the company’s strong performance amid rising demand and cost efficiency. This surge also pushes earnings per share from Rp 59.81 to Rp 70.16.
In a financial disclosure to the Indonesia Stock Exchange on Friday, March 28, 2025, Kalbe Farma, traded under the ticker KLBF, attributed the improved bottom line to revenue growth and a combination of operational savings and higher interest income. Revenue rose from Rp 30.44 trillion to Rp 32.62 trillion, while gross profit climbed from Rp 11.82 trillion to Rp 12.95 trillion.
The company’s profit before income tax rose to Rp 4.21 trillion from Rp 3.60 trillion. This gain was driven by stronger interest income, lower other operating expenses, and reduced interest and financial charges, according to Kalbe Farma's management.
Kalbe Farma, known for its broad portfolio of consumer health products, prescription drugs, nutritional products, and logistics services, continues to enjoy a favorable outlook from equity analysts. Both Mandiri Sekuritas and BRI Danareksa Sekuritas have maintained their positive views on KLBF, reflecting confidence in the company’s continued cost discipline and pipeline of new products.
Mandiri Sekuritas has issued a neutral recommendation with a target price of Rp 1,550, while BRI Danareksa Sekuritas reaffirmed a buy rating with a higher target of Rp 1,800 per share.
Analysts Sable Nur Amalina and Natalia Sutanto of BRI Danareksa noted that Kalbe Farma’s decision to gradually adopt the Chinese renminbi as a benchmark currency for purchasing pharmaceutical raw materials and active pharmaceutical ingredients (API) could help insulate the company from fluctuations in the rupiah-dollar exchange rate. This strategic shift is expected to enhance margins and reduce dependency on the US dollar in the long run.