PT Gudang Garam Tbk

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Company Background

Gudang Garam is one of Indonesia's leading cigarette manufacturers, best known for its kretek clove cigarettes. But its share of the domestic market has steadily declined over the last decade to around 20%, as the company comes under pressure from rivals such as HM Sampoerna, which was acquired by Philip Morris in 2005.

The company also faces regulatory headwinds. The government frequently raises cigarette taxes, and now requires producers to put warning labels on packages to alert people to the dangers of smoking.

Surya Wonowidjojo, a Chinese Indonesian businessman, founded Gudang Garam in 1958. The success of his business made him and his family among wealthiest people in Indonesia. His son Susilo became president in 2009. Several family members sit on the board of directors and serve as commissioners. Less than a third of Gudang Garam's shares are publicly traded.

In addition to its core cigarette business, the company owns a media company and a charter airline.

Business Summary

PT Gudang Garam Tbk engages in the manufacture and trade of cigarettes. The firm operates through the following segments: Cigarettes, Paperboard, and Others. It offers clove cigarettes, including low-tar and low-nicotine variants, and the traditional hand-rolled kretek. The company was founded by Surya Wonowidjojo on June 26, 1958 and is headquartered in Jakarta, Indonesia.

Financial Highlights

Dec 2021	IDR	USD
Revenue	124,881.26B	8,736.08M
Gross Profit	13,500.13B	944.40M
Operating income	7,112.67B	497.56M
Income before tax	7,286.84B	509.75M
Net income	5,605.31B	392.12M
EBITDA	10,009.21B	700.19M
Diluted EPS	2,913.23	0.20
Dividends Per Share	2,250	0.15
Total Assets	89,964.36B	6,312.18M
Total liabilities	30,676.09B	2,152.33M
Total equity	59,288.20B	4,159.84M
Operating cash flow	5,325.16B	372.52M
	Currency in IDR	Currency in USD

Historical Data

IDR | USD

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	33,685.30B	35,626.22B	110,523.81B	114,477.31B	124,881.26B
Gross Profit	17,658.84B	18,075.87B	22,158.05B	16,729.25B	13,500.13B
Operating income	11,118.63B	11,093.27B	14,789.99B	9,806.74B	7,112.67B
Income before tax	10,436.51B	10,479.24B	14,487.73B	9,663.13B	7,286.84B
Net income	7,753.64B	7,791.82B	10,880.70B	7,647.72B	5,605.31B
EBITDA	13,362.62B	13,358.00B	17,319.57B	12,532.37B	10,009.21B
Diluted EPS	4,030	4,049.61	5,654.99	3,974.72	2,913.23
Dividends Per Share	2,600	2,600	0	2,600	2,250
Total Assets	66,759.93B	69,097.21B	78,647.27B	78,191.40B	89,964.36B
Total liabilities	24,572.26B	23,963.93B	27,716.51B	19,668.94B	30,676.09B
Total equity	42,171.08B	45,133.23B	50,930.70B	58,522.40B	59,288.20B
Operating cash flow	8,204.57B	11,224.70B	11,174.40B	17,477.71B	5,325.16B

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	2,517.24M	2,502.40M	7,815.50M	7,872.34M	8,736.08M
Gross Profit	1,319.61M	1,269.66M	1,566.86M	1,150.43M	944.40M
Operating income	830.87M	779.19M	1,045.84M	674.38M	497.56M
Income before tax	779.90M	736.06M	1,024.47M	664.51M	509.75M
Net income	579.41M	547.30M	769.41M	525.91M	392.12M
EBITDA	998.56M	938.27M	1,224.72M	861.82M	700.19M
Diluted EPS	0.30	0.28	0.39	0.27	0.20
Dividends Per Share	0.19	0.18	0	0.17	0.15
Total Assets	4,920.57M	4,805.09M	5,665.20M	5,565.22M	6,312.18M
Total liabilities	1,811.11M	1,666.47M	1,996.50M	1,399.92M	2,152.33M
Total equity	3,108.24M	3,138.61M	3,668.69M	4,165.29M	4,159.84M
Operating cash flow	613.11M	788.42M	790.17M	1,201.90M	372.52M

Valuation Measures

Dec 2021
PER	10.50
ROA	6.66%
ROE	9.51%
Operating margin	5.69%
Profit margin	4.48%

Key executives

President Director: Susilo Wonowidjojo
Finance Director: Herry Susianto
Independent Director: Sony Sasono Rahmadi
Director: Istata Taswin Siddharta
Director: Andik Wahyudi

Shareholders

WONOWIDJOJO FAMILY (75.5%)
The Vanguard Group, Inc. (0.7%)
WONOWIDJOJO JUNI SETIAWATI (0.5%)
BlackRock Fund Advisors (0.4%)
Brandes Investment Partners LP (0.2%)
Dimensional Fund Advisors LP (0.2%)
Victory Capital Management, Inc. (Investment Management) (0.2%)
Centerstone Investors LLC (0.1%)
BlackRock Advisors (UK) Ltd. (0.1%)
Sands Capital Management LLC (0.1%)

Contact Details

Website:http://www.gudanggaramtbk.com
Phone: +62.21.2955.7000

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Last Updated on 4 Oct, 2022