Indonesia: Semen Indonesia has blamed falling sales and earnings in 2024 on a contracting local market and increased competition. The group’s revenue fell by 6% year-on-year to US$420m in 2024 from US$449m in 2023. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 30% to US$63.9m from US$90.5m. It noted that, despite this, it managed to maintain a positive profit before tax due to lowered operating and financing costs.
Its sales volumes decreased by 6% to 38.3Mt from 40.6Mt. The group attributed a fall in demand for bagged cement nationally as a contributing factor to lowered local demand. A slowdown in several infrastructure projects, including the Nusantara Capital City, in late 2024 further added to this trend. Export sales also declined.
