Jakarta, 20 August 2024 – Dede Patmawidjaja (President Director of PT Mulia Boga Raya Tbk (MBR or KEJU)), discussed the company's business performance and strategy during the Closing Bell dialogue hosted by Shafinaz Nachiar at the CNBC Indonesia Studio in Tendean, South Jakarta.
PT Mulia Boga Raya Tbk (KEJU) reported a net profit of IDR 40 billion for Q1-2024, significantly surpassing its achievement of IDR 30 billion during the same period last year.
Dede Patmawidjaja stated that the momentum from Ramadan and Eid contributed to KEJU's positive performance in the first quarter, which continued into the second quarter. As a result, for the first half of 2024, KEJU achieved sales growth of over 25%, with net profit increasing by more than 85%.
Dede added that KEJU's performance acceleration is also linked to its efficiency strategy and business integration with PT Garudafood Putra Putri Jaya Tbk (Garudafood) or GOOD, which has strengthened the distribution system and increased sales. This integration is a crucial factor, as it enhances communication and interaction processes, resulting in synergy and efficiency. For instance, since the integration with SNS, several retail SKUs, such as Gold Slice 2s and Spready Cheese Spread, have seen increases in the number of outlets distributed and sales per point.
During the dialogue, Dede noted that one of the challenges faced was educating consumers about cheese. Cheese penetration in Indonesia remains relatively low, at under 40%, positioning the country among the lowest in ASEAN. Consequently, the company aims to continually showcase the magic of cheese to consumers. In addition, fluctuations in raw material prices and foreign currencies, such as the US dollar (USD) and Euro (EUR), represent significant challenges for KEJU this year.
At the end of the dialogue, Dede highlighted that the market share for processed cheese products in Indonesia remains substantial, indicating very promising long-term prospects. Consumer demand for cheese is strong, prompting the company to continue increasing its factory capacity.
In the short term, KEJU is focusing on expanding its new factory in Rancaekek, West Java, which is anticipated to begin operations at the end of next year. This expansion will further strengthen its export market, particularly in ASEAN countries.
Watch the full interview with Dede Patmawidjaja (President Director of MBR) at the following link: