SMGR booked an income of IDR9.59 trillion (-18.5% YoY, +28.9% QoQ). GPM, OPM, and NPM reached record numbers in 3Q20, as SMGR succeeded in executing cost efficiency. However, until the end of the year, SMGR’s sales was faced with challenges such as rainy season and long holiday. We predict sales and performance will be better next year, as Indonesian economy recovers and the boost for infrastructure and construction sector starts.
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