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Consumer Non-Durables

PT Gudang Garam Tbk

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 IDRUSD
Revenue124,881.26B8,736.08M
Gross Profit13,500.13B944.40M
Operating income7,112.67B497.56M
Income before tax7,286.84B509.75M
Net income5,605.31B392.12M
EBITDA10,009.21B700.19M
Diluted EPS2,913.230.20
Dividends Per Share----
Total Assets89,964.36B6,312.18M
Total liabilities30,676.09B2,152.33M
Total equity59,288.20B4,159.84M
Operating cash flow5,325.16B372.52M
Currency in IDRCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 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 --
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 2017Dec 2018Dec 2019Dec 2020Dec 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 --
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
PER10.50
ROA6.66%
ROE9.51%
Operating margin5.69%
Profit margin4.48%

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 (0.5%)
  • Brandes Investment Partners LP (0.3%)
  • Dimensional Fund Advisors LP (0.2%)
  • Centerstone Investors LLC (0.1%)
  • BlackRock Advisors (UK) Ltd. (0.1%)
  • Sands Capital Management LLC (0.1%)
  • Northern Trust Investments, Inc.(Investment Management) (0.0%)

Contact Details

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    Last Updated on 27 Jun, 2022

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