Cement Maker Semen Indonesia Posts Flat Profit in 2016
Jakarta. Semen Indonesia, the country's biggest cement maker, posted a 0.2 percent increase in net income last year amid falling sales and revenue, the company said in a filing to the local bourse on Monday (27/02).
The listed state-controlled company posted Rp 4.5 trillion ($339 million) in net income last year, just slightly higher than in 2015.
The company's total sales and revenue dropped 3 percent to Rp 26.1 trillion, amid weak demand from the domestic market.
Semen Indonesia's sales by volume, excluding from its subsidiaries, dropped 0.6 percent to 13.9 million tons last year, according to data from the Indonesia Cement Association (ASI).
Nationwide, Indonesia saw weaker cement consumption last year, with ASI data showing that last year's cement sales by volume lower by 0.02 percent to 62 million tons. Meanwhile, cement exports dropped 5.8 percent to 528,988 tons.
Semen Indonesia controls 42 percent of the domestic cement market. The two other major players are Indocement Tunggal Prakarsa – controlled by German building material company HeidelbergCement – and Holcim Indonesia, an Indonesian unit of Switzerland-based LafargeHolcim.
The three account for about 80 percent of the local cement market.Tags: