Superior Prima's (BLES) Profit Grows by 8.78% to IDR 160.3 Billion in 2024
This article is adapted from KONTAN.cO.ID
PT Superior Prima Sukses Tbk (BLES) achieved growth in both top-line and bottom-line throughout 2024. The manufacturing issuer of lightweight bricks for raw materials in the property and construction industries recorded a net profit of IDR 160.30 billion.
BLES' profit grew by 8.78% year on year (YoY). For comparison, BLES posted a net profit attributable to the company’s owners of IDR 147.36 billion in 2023.
The growth in BLES' net profit aligns with an increase in sales. BLES posted net sales of IDR 1.46 trillion in 2024, a 7.35% increase compared to IDR 1.36 trillion in 2023.
The majority of BLES' revenue came from the sale of Autoclaved Aerated Concrete (AAC) lightweight bricks to third parties, which amounted to IDR 1.45 trillion last year.
Sales of AAC lightweight bricks to third parties increased by 7.40% compared to 2023, which was IDR 1.35 trillion. Additionally, BLES also earned sales from mortar cement products to third parties, amounting to IDR 5.36 billion.
In terms of region, BLES' sales were dominant in Java Island, totaling IDR 1.30 trillion throughout the previous year. Meanwhile, sales outside of Java reached IDR 156 billion. BLES' sales outside Java skyrocketed by 225.06% compared to IDR 47.99 billion in 2023.
In line with the increase in revenue, BLES' cost of goods sold also rose by 5.46% (YoY) to IDR 993.75 billion. This resulted in a gross profit of IDR 469.16 billion in 2024, growing by 11.47% compared to the previous year.
Throughout last year, BLES' operating expenses surged by 25.68% (YoY) to IDR 250.07 billion. As a result, BLES' operating profit shrank by 1.27% (YoY) from IDR 221.90 billion to IDR 219.08 billion in 2024.
During the same period, BLES' other expenses decreased by 46.11% (YoY) to IDR 15.80 billion. In the previous year, BLES recorded income tax expenses of IDR 42.39 billion.
The issuer, which has the leading product Blesscon, recorded a net profit for the year of IDR 160.89 billion in 2024. This is an increase of 6.58% compared to the net profit of IDR 150.95 billion in 2023.
Andrew, Corporate Secretary of Superior Prima Sukses, revealed that BLES' performance growth was supported by increased profit margins. Andrew mentioned that BLES' profit margin increased by 1.2% from 30.9% in 2023 to around 32% in 2024.
"Throughout 2024, lightweight brick products remained the backbone of the Company's sales. The contribution of these products accounted for 99% of total sales," said Andrew in a release published on Thursday (March 27).
The issuer, which is listed on the Indonesia Stock Exchange (IDX) since July 8, 2024, is also optimistic that BLES will continue its performance growth in 2025. Especially since the factory operations in Banjarnegara will begin in the middle of this year.
BLES will also increase utilization in Factory 1 and Factory 2 after machine capacity expansion last year. "The company is also committed to continuously improving operational efficiency to maintain stable profitability," said Andrew.
Andrew is optimistic that BLES can boost revenue and net profit growth to double digits in 2025. While anticipating industry challenges, BLES will implement a sustainable expansion strategy, particularly outside Java Island.
To smoothen its business strategy this year, BLES has allocated a capital expenditure (capex) of around IDR 300 billion - 350 billion. "With strong fundamentals, BLES is ready to go further in strengthening its position in Indonesia's building materials industry," concluded Andrew.