SMGR booked FY20 income of IDR35.17 trillion or down 12.9% YoY due to decrease in sales volume by 7.9%. However, SMGR successfully managed production costs to be more efficient, which resulted in net profit of IDR2.67 trillion or up by 12.8% YoY. We estimate SMGR’s sales volume to increase in 2021 by 12%-15% YoY.
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