MAPI – Revenue increased, yet profit slumped by 30% yoy

Mitra Adiperkasa (MAPI) booked revenue of IDR7.5 tn during 1Q23, an increase of 32.5% yoy. However, the company's net profit decreased by 30.63% yoy to IDR404.55 bn. The company's operating profit grew by 36% yoy to IDR664 bn. The decline in the company's net profit occurred because in 1Q22, MAPI recorded a one-time gain from the Burger King divestment amounting to IDR309 bn. For 2023, the company believes performance will improve. This is supported by the revocation of the Pemberlakuan Pembatasan Kegiatan Masyarakat (PPKM) on 30 December 2022. (Source : Investor Daily)