Maintaining a Consistent Growth Trajectory, CLEO Records a YoY Net Profit Increase of 32% YoY in Q1 2023

Thepresidentpost.id - Jakarta, May 2nd, 2023 – PT Sariguna Primatirta Tbk (Tanobel Group), a listed company, manufacturer of Bottled Drinking Water (AMDK) with the IDX ticker code: CLEO: IJ, recorded sales of IDR 350.5 billion in Q1 2023, an 14% YoY increase compared to IDR 307.7 billion in the same period last year.

The net profit of the company also increased by 32% YoY to reach IDR 60.6 billion.

“We see that the market conditions have become increasingly favorable and there's been a stabilization of raw material prices in this 1Q23. With the help of our integrated production system and continuous improvement that we apply to the company's performance, we have achieved an extraordinary result in the 1Q23 result,” said Deputy CEO of CLEO, Melisa Patricia.

The company has observed a continuous increase in demand for drinking water every year. In 2023, we have seen a significant increase in the demand for bottled water products, in line with the normalization of outdoor activities such as concerts, competitions, and others.

This factor has resulted in the contribution of bottled products to the Company's sales increasing to 54% in Q1 2023, compared to the contribution in the same period last year of 48%. Additionally, since the pandemic began, we have observed an increased awareness among the public regarding the selection of healthier and higher quality products, both in terms of water and packaging.

From the beginning, CLEO has consistently maintained the quality and health of its products by using BPA-free gallon packaging. As reported in the media and by the National Agency of Drug and Food Control (BPOM), the presence of BPA above the set threshold can have adverse effects on the health of infants and fertility in adults.