AVIA experienced a net profit growth of +1.62% YoY to IDR 1.16 T in 9M24 (9M23: IDR 1.14 T, QoQ growth: -2.7% QoQ, 3Q24: IDR 352B). AVIA’s sales revenue across all segments still grew +4.67% YoY to IDR 5.4 T in 9M24 (9M23: IDR 5.16T, QoQ growth: +4.0% QoQ, 3Q24: IDR 1.78T). The paints and coatings industry, which includes non-primary goods, is currently still quite contracted given the ongoing trend of weakening consumption activity. Despite relatively stable COGS costs, AVIA’s net profit performance on a quarterly basis weakened due to a significant increase in promotion and marketing costs. This was triggered by the activities of competitors in the paint and coating industry who carried out more aggressive and intensive marketing promotions.
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