Chitose Records IDR 6.68 Billion in Net Profit as Sales Grow 9% Through Q3 2024

PT Chitose Indonesia Tbk (CINT) reported sales of IDR 320.02 billion through the third quarter of 2024, reflecting a 9% increase compared to the same period last year. The rise in sales was supported by both domestic and export markets. Domestic sales during 2024 contributed 92%, or IDR 294.34 billion, while export sales accounted for 8%, or IDR 25.68 billion. Export sales grew by nearly 109%, or IDR 13.40 billion, while local sales increased by 4%, or IDR 11.72 billion. Export growth was driven primarily by chair shipments to Japan and piano chairs and Airmate C-Pro products to Malaysia. Meanwhile, local sales were boosted by increased demand for office furniture, hospital beds, and school furniture.

On the operational side, the company implemented effective cost control measures, allowing it to maintain a gross profit margin of 31% and raise its operating profit margin to 4%, compared to 2% in the same period last year. As a result, the company achieved a net profit of IDR 6.68 billion in the third quarter — a notable turnaround from the net loss recorded in the same period of the previous year. R. Nurwulan Kusumawati, Director of Chitose Indonesia, stated that the company demonstrated solid performance improvement in Q3 2024, successfully reversing its bottom line into profit.

“Our performance growth was supported by several key factors, including higher sales, controlled operational and business expenses, sustained gross profit margins, and improved net profit — all while optimizing cash flow and reducing financial burdens,” said Nurwulan.