Jakarta - PT Semen Baturaja Tbk (SMBR) recorded a five-fold growth in profit attributable to owners, or Rp51.815 billion in 2021, compared to the previous year of only Rp10,984 billion.

The company's financial report released on Friday (25/2) showed that the low cost of goods sold by around 2.43%, to Rp977.315 billion from Rp1.001 trillion, led to the strengthening of profit. Financial expenses also shrunk by 7.12% to Rp165.956 billion from Rp178.692 billion.

Operating profit grew by around 8.9%, to Rp234,310 billion from Rp215.159 billion. However, operating expenses increased by about 6.92% to Rp539,959 billion from Rp504,998 billion.

In addition, SMBR's revenue growth was relatively stagnant, at a position of Rp1.751 trillion, down from Rp1.721 trillion.

Meanwhile, SMBR's total assets were at Rp5.817 trillion as of December 2021, with cash and cash equivalents at the end of the period of Rp534.829 billion.