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Annual General Meeting of Shareholders
Rapat Umum Pemegang Saham Tahunan
Jakarta, 23 April 2024
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Forward-Looking and Cautionary Statements
• This presentation has been prepared by the management of PT Hanjaya Mandala Sampoerna Tbk. (“HMS”) solely for use in connection with the presentation to
public during the Annual General Meeting of Shareholders and does not constitute or form part of an offer, solicitation, recommendation or invitation of any offer,
to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever.
Further, nothing in this document should be construed as constituting legal, business, tax or financial advice.
• The information and opinions in this document are provided as at the date of this document (unless stated otherwise) and are subject to change without notice, its
accuracy is not guaranteed and it may not contain all material or relevant information concerning HMS or its subsidiaries. Neither HMS nor any of its affiliates,
advisors and representatives make any representation regarding, and assumes no responsibility or liability whatsoever (in negligence or otherwise) for, the
accuracy or completeness of, or any errors or omissions in, any information contained herein nor for any loss howsoever arising from any use of these materials.
• This presentation and related discussion may contain projection of future results and other forward-looking statements. These statements can be recognized by the
use of words such as "expects", "plans", "will", "estimates", "projects", "intends" or words of similar meaning. Achievement of projected results is subject to risks,
uncertainties and inaccurate assumptions, and HMS is identifying important factors that, individually or in the aggregate, could cause actual results to differ
materially from those contained in any forward-looking statements made by HMS.
• HMS’ business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our
competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns
relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco use and
intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and
conflicts; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; the impact of COVID-19 on PMI's business; lost revenues
as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations,
and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability, and quality of tobacco
and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and
effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to produce and
commercialize reduced-risk products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce
new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand
portfolio internally or through acquisitions and the development of strategic business relationships; if it is unable to attract and retain the best global talent,
including women or diverse candidates; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions.
Future results are also subject to the lower predictability of our reduced-risk product category's performance.
• HMS cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. HMS does not undertake to update
any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.
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Composition of the Board of Commissioners and the Board of Directors
Komposisi Dewan Komisaris dan Direksi
Board of Commissioners Board of Directors
Dewan Komisaris Direksi
President Commissioner John Gledhill President Director Vasileios Gkatzelis
Presiden Komisaris Presiden Direktur
Vice President Commissioner Paul Janelle Directors
Wakil Presiden Komisaris Direktur Sharmen Karthigasu
Independent Commissioner Justin Guy Mayall Elvira Lianita
Komisaris Independen
Luthfi Mardiansyah The Ivan Cahyadi
Sergio Colarusso1)
Gunnar Beckers2)
Johan Bink2)
Andre Dahan3)
Note: appointed at Extraordinary General Meeting of Shareholders dated 1) 14 April 2023, 2) 21 August 2023, and 3) 18 January 2024
Catatan: diangkat dalam Rapat Umum Pemegang Saham Luar Biasa pada 1) 14 April 2023, 2) 21 Agustus 2023, dan 3) 18 Januari 2024 3
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Key Highlights
Ikhtisar Utama
• More than one century of presence in Indonesia, with a sizeable footprint across the value chain and continuous investments both
for domestic and export purposes
Investment and Lebih dari satu abad beroperasi di Indonesia dengan jejak operasional yang besar di seluruh rantai nilai serta investasi yang berkelanjutan untuk
Sustainability tujuan domestik dan ekspor
Investasi dan Keberlanjutan • Sustainability at the core of our business, creating long-term value for the broader ecosystem
Keberlanjutan adalah inti dari bisnis Sampoerna, menciptakan nilai jangka panjang bagi ekosistem yang lebih luas
• 2023 marked a year of turnaround and return to profitable growth; however profitability still remains well below pre-pandemic levels
Tahun 2023 merupakan tahun perubahan dan kembalinya pertumbuhan laba; namun profitabilitas Perseroan masih jauh dibawah masa sebelum pandemi
Company
• Maintained leadership in the industry, with a market share of 28.6% and an overall volume of 83.4 billion units thanks to the Company’s
Performance robust portfolio across segments
Kinerja Perseroan
Mempertahankan kepemimpinan di industri dengan 28,6% pangsa pasar dan volume keseluruhan sebesar 83,4 miliar batang berkat portofolio yang kuat
di seluruh segmen
• Inauguration of new production facility and the first exports shipment for innovative smoke-free products (SFP) in Karawang, West
Java and a world-class R&D laboratory with state-of-the-art facilities, specifically for innovative SFP
Strategic Peresmian fasilitas produksi baru dan pelepasan ekspor perdana untuk produk inovatif bebas asap di Karawang, Jawa Barat, serta laboratorium
Pengujian dan Analisis kelas dunia dengan fasilitas tercanggih, khusus untuk produk inovatif bebas asap
Milestones • IQOS ILUMA targeted launch (February 2023) in 10 major cities of Indonesia as the continuation of IQOS Club and introduced TEREA Edition with
Capaian Strategis Clove (November 2023)
Peluncuran terbatas IQOS ILUMA (Februari 2023) di 10 kota besar di Indonesia sebagai kelanjutan dari IQOS Club dan memperkenalkan TEREA
Edition with Clove (November 2023)
Continue to deliver shareholder returns through dividends | Terus memberikan pengembalian pada pemegang saham melalui dividen
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Sampoerna: sizeable footprint across the value chain and continuous investments in Indonesia for creation of long-
term value in the broader ecosystem
Sampoerna: memiliki jejak operasional yang besar di seluruh rantai nilai dan terus melakukan investasi berkelanjutan di Indonesia
2023
Operations Footprint Micro, Small and Medium Enterprises (MSMEs) Communities
Jejak Operasional Komunitas Usaha Mikro, Kecil, dan Menengah (UMKM)
7 38 Sampoerna Retail Community (SRC)
Owned Factories Third Party Operators (TPOs) ~243,000
Pabrik yang Dimiliki Mitra Produksi Sigaret (MPS)
Perusahaan SRC outlets | Outlet SRC
Employees Nearly | hampir
Sampoerna Entrepreneurship Training Center (SETC)
Karyawan 80,000 TOTAL ~72,000
of whom nearly | diantaranya hampir
Direct and Indirect
Langsung dan Tidak Langsung 90% isadalah
in SKT production
karyawan fasilitas produksi SKT
Training participants | Peserta pelatihan
Total investment since 2005 Good Agricultural Practices (GAP) standards
Total investasi sejak 2005 Standar Praktik Pertanian yang Baik
~USD 6.4 billion | miliar >22,000
Tobacco and clove farmers
Petani tembakau dan cengkih
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Source: PT HM Sampoerna Tbk. Annual Report 2023
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Sampoerna’s business performance and practices have been acknowledged through awards and recognitions
Praktik dan kinerja bisnis Sampoerna diakui melalui berbagai penghargaan dan pengakuan
Global Equal-Salary Certification Value Creation through Innovation & Corporate
This validates that the company pays men and women Reputation Award 2023
equally for equal work everywhere the company operates Awarded by the Iconomics
Sertifikasi Equal Salary yang menunjukkan komitmen kami untuk Diberikan oleh The Iconomics
membayar karyawan perempuan dan laki-laki secara setara untuk
pekerjaan yang sama
Top Employer Indonesia, Asia Pacific, Global
Awarded by Top Employers Institute
Diberikan oleh Top Employers Institute Best Social Value Program in Traditional Retail Shop
Awarded to SRC by Solopos Media Group
Diberikan kepada SRC oleh Solopos Media Grup
Top 10 in Fortune’s Indonesia 100 Biggest Companies Best Reporting on Environmental Monitoring, Implementation
Awarded by Fortune Indonesia | Diberikan oleh Fortune and Management
Indonesia Awarded by the Governor of East Java to the Company’s Sukorejo Plant
Diberikan oleh Gubernur Jawa Timur pada Pabrik Sukorejo milik Perseroan
Most Valuable Company 2023 CNBC Indonesia Award 2023
Awarded by Times Indonesia | Diberikan oleh Times Indonesia Awarded for the strong commitment as a responsible company with a
sustainable growth strategy
Penghargaan dari CNBC sebagai Perusahaan Indonesia Terbaik dengan
Program Pengembangan UMKM
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The impact of SRC ecosystem on Indonesia #JadiLebihBaik
Dampak ekosistem SRC untuk Indonesia #JadiLebihBaik
SRC Indonesia partners with more than 243,000 SRC Stores, along with 6,300 wholesale stores as SRC Partners throughout Indonesia. In 15 years, SRC Indonesia
has succeeded in building a grocery store business ecosystem both offline and online, supported by the AYO by SRC Digital Ecosystem.
SRC Indonesia bermitra dengan lebih dari 243.000 toko kelontong yang tergabung menjadi Toko SRC dan 6.300 toko grosir sebagai Mitra SRC di seluruh Indonesia. Selama 15 tahun
perjalanannya, SRC Indonesia berhasil membangun ekosistem usaha toko kelontong baik secara offline maupun online dengan didukung oleh Ekosistem Digital AYO by SRC.
Source: SRC Impact for Indonesia (2023) from Kompas Gramedia (KG) Media’s Research Sumber: Dampak SRC Untuk Indonesia (2023) dari Riset Kompas Gramedia (KG) Media 8
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Business highlights 2023
Ikhtisar bisnis 2023
• The impact of double-digit excise tax increases, significantly above the inflation rate, the widening excise
Performance
Kinerja 2023 tax gap between Volume Tier 1 (V1) versus the lower taxed Below Volume Tier 1 segments, as well as the
increase in circulation of illegal cigarettes continued to be the main challenges in the cigarette industry. In
2023, the industry’s cigarette volume declined by 4% versus last year.
Dampak kenaikan tarif cukai sebesar dua-digit yang jauh di atas tingkat inflasi, melebarnya kesenjangan cukai antara segmen
◀▶ ▼4.0% Golongan 1 dengan segmen Di Bawah Golongan 1 yang dikenakan pajak cukai lebih rendah, serta meningkatnya peredaran
rokok ilegal, masih menjadi tantangan utama. Di tahun 2023, volume industri rokok menurun sebesar 4% dibandingkan 2022
• Sampoerna retained its leadership in the industry, with a market share of 28.6% and an overall volume of
83.4 billion units supported by our robust portfolio across segments specially in the growing labor-intensive
▲4.3% ▲28.0% segment, the SKT portfolio.
Sampoerna mempertahankan kepemimpinan di industri, dengan 28,6% pangsa pasar dan volume keseluruhan sebesar 83,4
Change vs. 2022 | Perubahan vs. 2022 miliar batang berkat portofolio yang kuat di seluruh segmen, terutama pertumbuhan segmen padat karya, portofolio SKT
• Our smoke-free products, while not risk-free, offer a much better choice for adult smokers who would otherwise continue to smoke cigarettes. We reached critical
strategic milestones in 2023 with IQOS1) had a notable progress in the Jakarta Urban area2) with 3.5% market share in Q4 2023, up 2.0 points versus Q4 2022.
Produk bebas asap Sampoerna, meskipun tidak bebas risiko, namun merupakan opsi yang lebih baik bagi perokok dewasa yang ingin tetap merokok, meraih pencapaian strategis di tahun
2023. IQOS1) di wilayah Perkotaan Jakarta2) mencapai pangsa pasar 3,5% pada kuartal keempat 2023, meningkat sebesar 2,0 poin dari kuartal keempat 2022
• Despite the challenging environment, 2023 marked a year of turnaround and profitability growth for Sampoerna: net revenue increased by 4.3% to IDR116.0
trillion and net profit grew by 28.0% versus 2022 to reach IDR8.1 trillion. However, profitability remains well below pre-pandemic levels
Dalam kondisi yang penuh tantangan, Tahun 2023 merupakan tahun perubahan dan kembalinya pertumbuhan laba Sampoerna penjualan bersih meningkat 4,3% menjadi Rp.116,0 triliun dan
laba bersih mencapai Rp.8,1 triliun, tumbuh sebesar 28,0% dibandingkan tahun 2022. Namun demikian, profitabilitas Perseroan masih jauh dibawah masa sebelum pandemi.
Note: 1) IQOS have been introduced via limited market testing through the IQOS Club ; 2) representing West, Central and South Jakarta which in total include an estimated 1.5 million of legal age nicotine users.
Catatan: 1) IQOS telah diperkenalkan melalui uji pasar terbatas lewat IQOS Club. ; 2) mewakili Jakarta Barat, Pusat, dan Selatan yang secara total mencakup sekitar 1,5 juta pengguna nikotin usia legal
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Challenging industry dynamics: double-digit excise tax increases, the widening excise tax gap between Volume Tier 1 (V1)
versus Below Volume Tier 1 (BV1) segments, and the increase in circulation of illegal cigarettes
Tantangan dinamika industri: kenaikan tarif cukai sebesar dua-digit, melebarnya kesenjangan cukai antara segmen Golongan 1 (V1) dengan
segmen Di-Bawah Golongan 1 (BV1) serta meningkatnya peredaran rokok ilegal
High excise tax increases beyond inflation Widening excise tax gap between V1 and BV1
Kenaikan pajak cukai yang tinggi, diatas inflasi Melebarnya kesenjangan tarif pajak cukai antara Golongan 1 dan di bawah Golongan 1
Excise Tax Rate – SKM (IDR/stick) Total BV1 Share of Market
Tarif Cukai – SKM (Rp per batang) Pangsa Pasar Segmen Di-Bawah Golongan 1
Pre-Pandemic Pandemic 2023
19% Gap 195 (2017) 285 (2020) 432 Pre-Pandemic Pandemic Post Pandemic
Inflation
Excise Tax Increase* 1,101 V1 41%
36%
11% 31%
7% 25%
530
669 BV1 20%
3% 4%
2%
335
Pre-Pandemic Pandemic Current Year 2017 2018 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
2017-2019
2017 2019 2020-2021
2020 2021 2023
2023 Note: Total BV1 includes machine-made and hand-rolled
This resulted to continued pressure for the machine-made portfolio
Note: *excise tax increase reflects the estimated weighted average industry figure. Pre-pandemic
and Pandemic figures reflect average of period Hal ini menyebabkan tekanan yang berkelanjutan pada portofolio produk buatan mesin
“… based on survey from UGM, illegal cigarettes have increased to around 6.89% in 2023 versus 5.5% in previous year”
“…berdasarkan survei UGM rokok ilegal di tahun 2023 adalah sekitar 6,89%, meningkat dibanding tahun sebelumnya di 5,5%”
CNBC Indonesia, Rokok Ilegal Masih Menghantui RI (23 December 2023)
Source: Company Estimates
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2023 marked a year of turnaround: HMS retained leadership and robust profitability growth, however profitability still
remains well below pre-pandemic levels
Tahun 2023 merupakan tahun perubahan: mempertahankan kepemimpinan pasar dan kembalinya pertumbuhan laba, Namun demikian,
profitabilitas masih jauh di bawah masa sebelum pandemi.
Volume and Share of Market Net Revenues (IDR trillion) Net Profit (IDR trillion)
Volume dan Pangsa Pasar Penjualan Bersih (Rp triliun) Laba Bersih (Rp triliun)
Volume 82.8 86.8 83.4
(billion units) ▲IDR 4.8 T
(milyar batang) ▲4.3%
Stable
116.0
◀▶ 111.2
28.6% 28.6% 98.9
SOM 28.2% ▲IDR1.8 T
Pangsa Pasar ▲28.0%
(%)
8.1
7.1
6.3
2021 2022 2023 2021 2022 2023 2021 2022 2023
Source: Company Estimates and Financials. Note: comparison to the same period last year 11
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Commitment to support employment
Komitmen untuk mendukung ketenagakerjaan
The hand-rolled clove (SKT) segment has been recovering • In line with the SKT segment recovery, and as the leader in
Segmen sigaret kretek tangan (SKT) telah menunjukkan tanda-tanda pemulihan the segment, in Q1 2024, Sampoerna added new SKT
production facilities including in partnership with local
Industry SKT Share of Market cooperatives and entrepreneurs (TPOs) across Java
Pangsa Pasar SKT Sejalan dengan pemulihan segmen SKT, dan sebagai pemimpin di
37% The segment’s recovery is supported by segmen ini, pada kuartal pertama 2024, Sampoerna menambah
28% the excise tax policy for tobacco products, fasilitas produksi SKT termasuk bermitra dengan koperasi dan
pengusaha lokal dalam bentuk MPS di pulau Jawa
which considers employment absorption.
17%
• With this, Sampoerna’s direct and indirect employees are
Pemulihan segmen tersebut didukung oleh now more than 90,000 people, in which around 90% is in
kebijakan cukai produk tembakau yang SKT production
mempertimbangkan penyerapan tenaga kerja. Serangkaian pembukaan lapangan kerja baru di tahun ini membuat
2006 2019 2023 jumlah keseluruhan tenaga kerja Sampoerna secara langsung dan
tidak langsung menjadi lebih dari 90.000 orang, dengan sekitar 90%
di antaranya adalah karyawan fasilitas produksi SKT
• We have increased thousands of hand-rollers thus creating
additional direct and indirect employment.
Kami telah menambah ribuan pekerja linting tangan sehingga
menciptakan lapangan kerja tambahan, baik langsung dan tidak
langsung
• This additional employment creates multiplier effects for
the surrounding local communities
Penambahan lapangan kerja ini menciptakan multiplier effects bagi
masyarakat lokal di sekitarnya
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Smoke-free products (SFP) reached critical strategic milestones in 2023
Produk bebas asap meraih pencapaian strategis pada tahun 2023
These milestones are major steps in providing scientifically substantiated, smoke-free products that, although not risk-free, represent better options for adult
smokers who would otherwise continue to smoke.
Pencapaian ini merupakan langkah besar dalam menyediakan produk bebas asap yang dibuktikan secara ilmiah, meskipun tidak bebas risiko, namun merupakan opsi yang lebih baik bagi
perokok dewasa yang ingin tetap merokok.
Inauguration of innovative smoke-free tobacco products factory and first export shipment to Asia Pacific in January 2023
Peresmian pabrik produk tembakau inovatif bebas asap dan pelepasan ekspor perdana ke Asia Pasifik dilaksanakan pada bulan Januari 2023
World-class R&D Laboratory with state-of-the-art facilities, specifically for innovative SFP completed in Q3 2023
Laboratorium Pengujian dan Analisis kelas dunia yang dilengkapi dengan fasilitas canggih, yang dirancang khusus untuk produk tembakau bebas asap diselesaikan pada kuartal ketiga 2023
The Company’s realized investment for smoke-free products was approximately USD300 million, by end of 2023
Investasi Perseroan pada produk bebas asap mencapai sekitar USD300 juta sampai dengan akhir tahun 2023 13
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Smoke-free products (SFP) reached critical strategic milestones in 2023
Produk bebas asap meraih pencapaian strategis pada tahun 2023
IQOS has been introduced via limited market testing through the IQOS Club since 2019, including IQOS booths, kiosks, and partnership programs with local
entrepreneurs in major cities in Indonesia
IQOS telah diperkenalkan melalui uji pasar terbatas lewat IQOS Club sejak tahun 2019. yang mencakup gerai, kios, dan program kemitraan IQOS dengan pengusaha lokal di kota-kota besar
di Indonesia
Introduced TEREA Edition with Clove (November 2023)
Memperkenalkan TEREA Edition with Clove (November 2023)
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Total Variants
Total Varian
Targeted launch as continuation of IQOS Club* (February 2023)
Peluncuran terbatas sebagai kelanjutan dari IQOS Club* (Februari 2023)
*IQOS Club is a platform to conduct a limited market test to study the market potential and how to best bring innovative smoke-free tobacco product, IQOS, to adult smokers who decided to continue using tobacco or other nicotine products.
*IQOS Club adalah sebuah platform yang dibentuk untuk melakukan skema uji pasar terbatas, guna mempelajari potensi pasar dan cara-cara terbaik untuk memperkenalkan produk tembakau inovatif bebas asap, IQOS, kepada perokok dewasa di Indonesia yang memutuskan untuk terus menggunakan produk tembakau
atau produk nikotin lainnya. 14
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2023 marked a year of turnaround and return to robust profitable growth for Sampoerna driven by favorable pricing
implemented mainly in Q1. However profitability remains well below pre-pandemic levels
Tahun 2023 merupakan tahun perubahan dan kembalinya pertumbuhan laba Sampoerna didukung dengan kenaikan harga mulai kuartal
pertama. Namun, profitabilitas masih jauh dibawah masa sebelum pandemi.
Sampoerna Key Financials Variance
Variance Variance Variance Variance Full
Indikator Keuangan Utama Sampoerna 2023 vs.
In IDR trillion, unless otherwise stated Q1’23 vs. Q1’22 Q2’23 vs. Q2’22 Q3’23 vs. Q3’22 Q4’23 vs. Q4’22 Year
Perubahan Perubahan Perubahan Perubahan
2022
Dalam Rp triliun kecuali dicantumkan lainnya
vs. Q1’22 vs. Q2’22 vs. Q3’22 vs. Q4’22
2023 Perubahan
2023 vs. 2022
Volume (bio. sticks) | Volume (miliar unit) 19.7 (5.8%) 20.8 (2.5%) 22.5 (3.5%) 20.3 (4.1%) 83.4 (4.0%)
Net Revenues | Penjualan Bersih 27.0 3.1% 29.2 6.7% 31.1 4.2% 28.7 3.1% 116.0 4.3%
Gross Profit | Laba Kotor 4.9 14.0% 4.3 19.0% 5.2 15.4% 4.9 3.8% 19.3 12.7%
Gross Profit Margin | Marjin Laba Kotor 18.0% +1.7pp 15.0% +1.6pp 16.7% +1.6pp 17.0% +0.1pp 16.7% +1.3pp
Net Operating Income | Laba Operasi 2.6 9.6% 1.8 33.6% 2.7 21.9% 1.9 2.2% 9.0 15.6%
Operating Margin | Marjin Laba Operasi 9.6% +0.6pp 6.2% +1.2pp 8.8% +1.3pp 6.4% -- 7.7% +0.7pp
Net Profit | Laba Bersih 2.2 12.8% 1.6 40.3% 2.4 32.4% 1.9 33.1% 8.1 28.0%
Net Margin | Marjin Laba Bersih 8.0% +0.7pp 5.4% +1.3pp 7.9% +1.7pp 6.6% +1.5pp 7.0% +1.3pp
Source: Company Financials. Total may not foot due to rounding
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We have continued to deliver shareholder returns through dividends
Kami terus memberikan pengembalian pada pemegang saham melalui dividen
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Annual General Meeting of Shareholders
Rapat Umum Pemegang Saham Tahunan
Jakarta, 23 April 2024
Names mentioned 15 people and organisations named in the text · linked when the evidence is strong
unresolved
person
Paul Janelle
· President Commissioner
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