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Consumer Non-Durables

PT Indofood Sukses Makmur Tbk

Company Background

Indofood Sukses Makmur is the core unit of Salim Group, one of Southeast Asia's biggest family-run businesses. Anthoni Salim, the son of the ethnic Chinese conglomerate's founder Sudono, has been its president since 2004. Salim Group's Hong Kong investment arm First Pacific, which is also led by Anthoni, owns 50% of Indofood's shares.

Indofood is one of the few companies that Salim Group did not let go during the Asian financial crisis, which led to former Indonesian President Suharto's overthrow in 1998. The company recovered through public funded bailouts and Salim's investment vehicles, and has been diversifying in recent years. In 2010, Indofood floated shares of its consumer products division, which includes its core instant noodle business.

In 2013, Indofood expanded its overseas presence. Acquisitions included sugar producers in Brazil and the Philippines as well as Singapore-listed vegetable processor China Minzhong Food. Activity has slowed in 2014, but a return to focus on the domestic markets may be in the cards. Salim claims that global expansion will help bring technology and know-how to Indonesia.

Business Summary

PT Indofood Sukses Makmur Tbk engages in the food manufacturing and processing business. It operates through the following segments: Consumer Branded Product, Bogasari, Agribusiness and Distribution. The Consumer Branded Products segment focuses on the production of consumer branded products, which include noodles, dairy, snack foods, food seasonings, nutrition and special foods, and beverages. The Bogasari segment involves in the production of wheat flour and pasta. The Agribusiness segment covers the research and development, seed breeding, oil palm cultivation and milling and production and marketing of branded cooking oils, margarine and shortening. The Distribution segment focuses on the distribution of the company and third-party products. The company was founded on August 14, 1990 and is headquartered in Jakarta, Indonesia.

Financial Highlights

Dec 2021 IDRUSD
Gross Profit31,664.34B2,215.08M
Operating income17,261.78B1,207.55M
Income before tax14,456.08B1,011.27M
Net income7,642.19B534.61M
Diluted EPS870.360.06
Dividends Per Share2780.01
Total Assets179,356.19B12,584.19M
Total liabilities92,724.08B6,505.81M
Total equity48,264.72B3,386.40M
Operating cash flow14,692.64B1,027.82M
Currency in IDRCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 70,186.61B 73,394.72B 76,592.95B 81,731.46B 99,345.61B
Gross Profit 19,259.92B 19,671.53B 22,178.47B 26,003.76B 31,664.34B
Operating income 8,505.63B 7,982.92B 9,621.78B 12,749.44B 17,261.78B
Income before tax 7,594.82B 7,446.96B 8,749.39B 12,426.33B 14,456.08B
Net income 4,156.22B 4,166.10B 4,908.17B 6,455.63B 7,642.19B
EBITDA 11,160.14B 10,922.26B 12,769.31B 16,336.82B 21,034.25B
Diluted EPS 473.35 474.47 558.99 735.22 870.36
Dividends Per Share 237 236 278 278 278
Total Assets 88,400.87B 96,537.79B 96,198.55B 163,136.51B 179,356.19B
Total liabilities 41,298.11B 46,620.99B 41,996.07B 83,998.47B 92,724.08B
Total equity 31,302.52B 33,614.28B 37,777.94B 42,374.29B 48,264.72B
Operating cash flow 6,507.80B 5,935.82B 13,344.49B 13,855.49B 14,692.64B
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 5,244.93M 5,155.28M 5,416.14M 5,620.49M 6,949.73M
Gross Profit 1,439.26M 1,381.73M 1,568.31M 1,788.22M 2,215.08M
Operating income 635.61M 560.72M 680.38M 876.75M 1,207.55M
Income before tax 567.54M 523.07M 618.69M 854.53M 1,011.27M
Net income 310.58M 292.62M 347.07M 443.93M 534.61M
EBITDA 833.97M 767.18M 902.96M 1,123.44M 1,471.45M
Diluted EPS 0.03 0.03 0.03 0.05 0.06
Dividends Per Share 0.01 0.01 0.01 0.01 0.01
Total Assets 6,515.63M 6,713.33M 6,929.48M 11,611.14M 12,584.19M
Total liabilities 3,043.89M 3,242.07M 3,025.10M 5,978.53M 6,505.81M
Total equity 2,307.16M 2,337.57M 2,721.26M 3,015.96M 3,386.40M
Operating cash flow 486.31M 416.93M 943.63M 952.81M 1,027.82M

Valuation Measures

Dec 2021
Operating margin17.37%
Profit margin7.69%

Key executives

  • President Director: Anthoni Salim
  • Head-Information Technology: Hantoro Tanoto
  • Director & Head-Dairy Division: Axton Salim
  • Head-Noodles Division: Taufik Wiraatmadja
  • Director: Alamsyah


  • First Pacific Co. Ltd. (50.0%)
  • The Vanguard Group, Inc. (1.6%)
  • Dimensional Fund Advisors LP (1.0%)
  • BlackRock Fund Advisors (0.9%)
  • FIL Investment Management (Singapore) Ltd. (0.8%)
  • Quantex AG (0.3%)
  • Victory Capital Management, Inc. (Investment Management) (0.3%)
  • Brandes Investment Partners LP (0.3%)
  • Geode Capital Management LLC (0.3%)
  • DNB Asset Management AS (0.2%)

Contact Details

  • Website:
  • Address: Sudirman Plaza, Indofood Tower, 27th Floor, Jalan Jenderal Sudirman, Jakarta, 12910, Indonesia
  • Phone: +62.21.5795.8822

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    Last Updated on 4 Oct, 2022

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