PT Hatten Bali Wines – Bali’s pioneering winery recorded a profit of Rp. 21.08 billion in the first half of 2024. Compared to the Company’s performance in 2023, this year’s result is a 17.08% improvement year-on-year over 2023, when half-year profits totaled Rp. 20.77 billion.
Hatten’s sales income results for H-1 2024 equaled Rp. 123.28 billion, an increase of 12.07% from the Rp. 110.09 billion sales income in H-1 2023. Gross profit also increased 12.5% for H-1 2024, recording Rp. 56.51 billion—up from the Rp. 50.24 billion reported for the same period in 2023.
The founder and president director of PT Hatten Bali, Ida Bagus Rai Budiarsa, attributed the improvement in income and profit to increased consumption both on the island of Bali and in areas outside Bali.
“There is great interest in wine consumption and distribution in Jakarta and other regions throughout Indonesia. We project even greater growth in and outside Bali in the second half of this year, including in the third quarter, peak season,” said Budiarsa on Saturday, 03 August 2024.
Hatten’s Finance Director, Ketut Sumarwan, explained that the net profit to revenue ratio decreased slightly due to increased financial costs from more short-term debt from banks to add raw materials and inventory to cover next year’s anticipated surge in demand. Sumarwan said, “We are focused on growth and are quite confident that we will achieve this year’s growth target.”
“We are focused on growth and are quite confident that we will achieve this year’s growth target,” Sumarwan said.
Hatten Wine noted that the cost of goods sold increased from Rp. 59.85 billion in the first semester of 2023 to Rp. 66.87 billion in the first semester of 2024, reflecting the Company’s continued operational growth.
Gross operating profits increased from Rp. 22.80 billion in the first semester of 2023 to Rp. 27.24 billion in the first semester of 2024, demonstrating a significant growth of 19.45%.
Quarter-on-quarter (QoQ) revenue growth from the first quarter of 2024 to the second quarter of 2024 also increased significantly by 25.4%, while operating profits increased by 19.8% QoQ.
The increase in sales of PT Hatten Bali in the first half of 2024 was primarily due to the rise in the number of tourists visiting Bali. Until June 2024, the number of foreign tourists visiting Bali reached 3.1 million, an increase of 24.85% over the first semester of 2023.
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