PT Gajah Tunggal Tbk reported Net Sales of Rp 17,170 billion in FY22, an increase of 11.9% compared to the reported Net Sales of Rp 15,344 billion in FY21. Sales in the domestic market remained healthy and increased by 20.3%, more than offsetting the sales decline of 4.5% in the export markets. Export sales remained sluggish as global supply chain bottlenecks limited shipping container availability, in particular in the early part of the year, as well as slower demand in key export markets in the later part of the year, mainly driven by headwinds in the global economy.
The Company's gross margins declined slightly from 13.9% in FY21 to 13.7% in FY22. Higher input costs resulting from higher freight and raw material prices, as well as a depreciating Rupiah versus the US Dollar negatively impacted gross margins. The Company was able to largely offset the negative impact by increasing the selling prices of its products. Operating and EBITDA margins declined in FY22 compared to FY21 mainly due to higher selling expenses. The higher selling expenses were largely driven by increased transportation costs. The Company's EBITDA declined from Rp 1,453 billion / US$ 101.7 million in FY21 to Rp 1,441 billion / US$ 97.7 million in FY22. The depreciating Indonesian Rupiah also caused a loss on foreign exchange, primarily due to a translational adjustment of the Company's US Dollar denominated liabilities. As a result, the Company recorded a net loss of Rp 191 billion in FY22 compared to a net profit of Rp 74 billion in FY22.
As of the end of FY22 the Company complied with the financial covenants of the IDR-syndicated facilities
PT Gajah Tunggal Tbk published this content on 31 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 April 2023 09:48:10 UTC.
PT Gajah Tunggal Tbk is an Indonesia-based integrated tire manufacturer. The Company produces and distributes tires for passenger car, sport utility vehicles (SUVs), commercial, off-the-road, industrial and motorcycles. It also manufactures and distributes other rubber related products, such as synthetic rubber, tire cords, inner tube, flap, o-ring and others. The Company owns and operates an integrated tire manufacturing facility in Indonesia. The Companyâs products include GT LUG, GT MAX TRACTION, GT MUD TRACTION, GT SUPER, GT SUPER 88, GT SUPER 88N and GT SUPER GRIP. The Companyâs installed production capacity for passenger car radial tires (PCR), TBR tires, bias tires and motorcycle tires 45,500, 2,300, 13,000 and 83,000 tires per day respectively.
PT. GAJAH TUNGGAL TBK 