PT Chitose Indonesia Tbk (CINT) Records Strong Q3 2024 Performance with 9% Sales Growth and Positive Net Profit

PT Chitose Indonesia Tbk (CINT), a company engaged in the manufacturing and trading of furniture, recorded sales of IDR 320.02 billion in the third quarter of 2024, marking a significant increase of 9% or IDR 25.12 billion compared to the same period last year.

Domestic sales contributed 92% of the total, amounting to IDR 294.34 billion, while export sales made up the remaining 8%, or IDR 25.68 billion. Export sales in 2024 rose by nearly 109%, or IDR 13.40 billion, while domestic sales increased by 4%, or IDR 11.72 billion.

The export growth was primarily driven by chair shipments to Japan and piano chairs and Airmate C-Pro products to Malaysia. On the domestic side, sales were boosted by increased demand for office furniture, hospital beds, and school furniture.

In addition to growing sales, the company also implemented effective cost controls, maintaining a gross profit margin of 31% and improving its operating profit margin to 4%, up from 2% in the same period last year.

As a result, Chitose impressively posted a net profit of IDR 6.68 billion in Q3 2024, marking a strong turnaround from a net loss in the same quarter of the previous year.

R. Nurwulan Kusumawati, Director of PT Chitose Indonesia, stated that the company experienced significant performance growth in Q3 2024, successfully reversing its position from loss to profit.

“Our performance growth was driven by key factors such as increased sales, effective control of operational and business expenses, maintaining healthy gross profit margins, improving net profit, and optimizing cash flow — all of which helped reduce financial burdens,” said Nurwulan.