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Semen Indonesia posts 12.8% revenue growth in 1H14

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World Cement,

Semen Indonesia, Indonesia’s biggest cement producer, reported a 12.8% increase in revenue in 1H14 at Rp.12.88 trillion (US$1.13 billion). Last year, the company’s revenue rose 31.9% y/y in the first half. The decelerated growth is attributed to weakened domestic demand affecting the Indonesian cement industry as a whole.

Sales volumes in the first half grew 4.6% to 12.8 million t. Subsidiary company Semen Gresik, with plants in East Java, contributed almost 54% of the sales volumes, with Semen Padang accounting for 26% and Semen Tonasa the remaining 20%.

Net profit for the first half stood at Rp.2.82 trillion, a 9.3% increase on 1H13, while higher expenses and foreign exchange losses contributed to higher costs. The company is reportedly forecasting an 8% increase in revenue for the full year.

The latest statistics from the Indonesian Cement Association show a 4% increase in domestic cement consumption in 1H14, lower than 1H13’s 7.5% growth.

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