1Q19 Sales Notching Up 13.9%
ICBP succeeded to post 1Q19 sales of IDR11.3 trillion edging up 13.9% y-y and 26.0% q-q. We estimate this top line growth to be backed by rising ASP and market share expansion. Its gross margin also surged from 7% in 1Q18 to 18% in 1Q19 due to no additional purchased inventories in COGS.

Double-Digit Operating Profits
1Q19 operating profits picked up 14.05% y-y to IDR1.96 trillion compared to IDR1.72 trillion in 1Q18. The pickup eased ICBP’s efforts to keep bottom line growth to hit IDR17.94 trillion or climbing higher to 17.94% y-y. It also cheered double-digit growth amid more intense competition.


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