One warm spoonful, a sip of the broth, and the cold instantly felt miles away.
Pop Mie and Indomie, those small heroes, are always there right when you need them, bringing warmth and comfort to any rainy night.
And fittingly, the instant noodle segment remains the backbone of ICBP's growth, recording an 8.4% yoy revenue increase in 3Q24.
This rise is largely due to strong sales volume growth, up by 7% yoy, reflecting the loyalty of consumers toward these iconic products beloved across Indonesia.
Overall, in 3Q24, ICBP boosted revenue to IDR 18.5 tn, growing 10.1% yoy.
With this, ICBP’s total revenue in 9M24 reached IDR 55.5 tn, up 8.1% yoy, right on target.
This achievement also propelled ICBP’s core profit up to IDR 8.1 tn, with a solid 15.4% yoy growth, proving that ICBP is successfully maintaining its momentum despite economic challenges.
But the real standout is ICBP's profit surge in 3Q24, hitting IDR 4.6 tn, an impressive 245.5% yoy leap.
This isn’t just a simple number; it's a signal that ICBP is fully seizing the opportunities at hand.
One major factor behind this growth?
A hefty IDR 753 bn foreign exchange gain, a significant turnaround after taking a IDR 2.8 tn forex loss in the previous quarter.
The strengthening Rupiah seems like a breath of fresh air for ICBP, turning what was once a heavy burden into a real advantage.
Source: Wise
But it's not just forex gains driving these results. ICBP's strategy in managing a diverse product portfolio and leveraging its broad distribution network also plays a key role.
With high demand for popular products like Pop Mie and Indomie, a staple among Indonesian consumers, especially during rainy seasons and uncertain times, ICBP has managed to keep stability and growth solidly on track in the domestic market.
Looking ahead, ICBP’s projected net profits of IDR 9.6 tn in 2024 and IDR 10.5 tn in 2025 reflect strong confidence in the company’s ability to sustain this growth momentum.
A projected growth of 37.2% yoy in 2024, followed by an estimated 9.0% yoy increase in 2025, reflects the market's optimism about ICBP’s long term prospects.
On top of this, ICBP’s expansion strategy into high-potential regions, both domestically and internationally, is a key driver supporting this continued strong performance.
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