GGRM — 1H24 net profit declined 71.85% yoy

GGRM — 1H24 net profit declined 71.85% yoy Gudang Garam (GGRM) net profit declined 71.85% yoy to IDR925.51 bn on lower sales in 1H24. Machine-rolled clove cigarettes (SKM) sales declined by 12.25% yoy to IDR 44.53 tn in 1H24, which accounts for 89.03% of total sales. Furthermore, new government regulations and excise tax adjustments have also contributed to the challenging environment for the tobacco industry. (Source: Bisnis Indonesia)