Focusing on Increasing Sales Inter Quarters, SMKL Achieves Sales Growth of 6.7% QoQ in Q3 2023

By : Nata Kesuma | Tuesday, November 07 2023 - 10:30 IWST

PT Satyamitra Kemas Lestari Tbk (SMKL)
PT Satyamitra Kemas Lestari Tbk (SMKL) - Jakarta, November 06, 2023 – As the society’s awareness of the use of sustainable products increases, PT Satyamitra Kemas Lestari Tbk (SMKL) is optimistic about the prospects of the paper packaging industry due to the expected growth in demand.

Therefore, the Company is expanding by building a new factory in Batang using palm shell fuel to produce carton boxes and pre-printed products. Through this expansion, the Company has the potential to establish a solid foundation to meet the rapid growth in demand for environmentally friendly paper packaging from global companies.

In a report entitled "The Future of E-commerce Packaging to 2027", Smithers is optimistic that the global paper packaging market share will reach US$101.7 billion or the equivalent of IDR 1,576 trillion in 2027, a significant increase from US$34.7 billion in 2019 and expectations for 2022 of US$63.6 billion.

"In a challenging market situation due to the global oversupply of OCC paper, we have focused on steadily improving our performance. In addition to carton boxes, other SMKL products such as pre-print, offset, and rigid boxes have shown a solid recovery in Q3 2023. We are optimistic that the demand improvement will continue." said SMKL President Director, Ang Kinardo.

In the first nine months of 2023, SMKL recorded sales of IDR 1.3 trillion, down 22.0% YoY. This decline occurred due to the decrease in the selling price of carton boxes caused by the decrease in the price of OCC (Old Corrugated Cardboard) in the global market.

Despite the challenges faced, SMKL has demonstrated strong performance by achieving a 6.7% QoQ sales growth in Q3 2023. This achievement is attributed to substantial growth in other product segments that offer added value and higher gross margins. In this regard, the Offset Products segment experienced a growth of 14.6% QoQ, while Rigid Boxes saw an impressive growth of 182.3% QoQ.

This success has resulted in a strong gross profit for the Company, amounting to Rp 69.0 billion in Q3 2023, reflecting a significant growth of 30.8% QoQ. Therefore, the Company has recorded a total gross profit of Rp 205.2 billion for the 9M23 period. The company also posted a net profit in Q3 2023, reaching Rp 4.8 billion, showing substantial growth of 140.9% QoQ. With this growth, the company has recorded a total net profit of Rp 8.9 billion for the 9M23 period.

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