INTP – Cement sales increased by 8% yoy in 1H24

INTP – Cement sales increased by 8% yoy in 1H24 Indocement Tunggal Prakarsa (INTP) posted a cement and clinker sales volume of 9.03 tons (+8% yoy) in 1H24. Domestically, cement sales volume was recorded at 8.87 mn tons (+10% yoy) due to additional volume from Grobogan Cement in 1H24. This makes INTP's market share rise to 29.4% in Indonesia. Furthermore, INTP's market share in Java is 37.7% and outside Java is 20.5%. INTP also posted 163,000 tons cement sales in the export market. Note that, INTP posted revenue of IDR8.12 tn (+1.9% yoy) and net profit of IDR434.7 bn in 1H24. There was a significant increase in bulk cement product revenue to 30.6% of total revenue due to the increase in cement supply to the IKN and the acceleration of other infrastructure projects. INTP projects that weak public purchasing power can continue to suppress demand for bag cement products, including the impact of the regional elections in November 2024. However, the dry season and fewer holidays in 2H24 will increase construction activity. INTP estimates that cement sales volume will grow 2-3% yoy in 2024. (Source : Kontan)