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Coal Average Selling Price Increase In 6M23, MAPI posted a 27.3% YoY increase in sales to IDR15.6 trillion, driven by Retail Sales segment which grew 28.5% YoY. MAPI’s digital sales continued to record solid performance in 6M23, increasing by 11.2% YoY to IDR1.3 trillion. The bottom line of 6M23 was not yet able to improve as it contracted by 5.2% YoY to IDR1.0 trillion. However, we see that positive sentiment still remains until 4Q23, as there is usually a surge in sales ahead of Christmas and New Year. Moreover, the company itself has a strong customer base with a focus on the upper middle class. Therefore, we project 2023F net profit to reach Rp2.2 trillion (vs 2022: Rp2.1 trillion). Asset Growth In 6M23, MAPI posted a 27.3% YoY increase in sales to IDR15.6 trillion, driven by Retail Sales segment which grew 28.5% YoY. MAPI’s digital sales continued to record solid performance in 6M23, increasing by 11.2% YoY to IDR1.3 trillion. |
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