<![CDATA[This study analyzes the profit or loss statement of PT Cisarua Mountain Dairy Tbk (Cimory) for 2022–2025 to identify the trend, cost structure, and sources of profit growth. Using a descriptive quantitative approach, secondary data were taken from the financial highlights of the company's 2025 Annual Report and analyzed through horizontal analysis, vertical (common-size) analysis, and profitability margins. The results show that net sales grew by 68.1% (CAGR 18.9%) from Rp6.38 trillion to Rp10.72 trillion, while profit for the year grew faster, by 91.7% (CAGR 24.2%), to Rp2.03 trillion. The gross profit margin rose from 41.8% to 45.3%, driven mainly by a 3.6-percentage-point decline in the cost-of-sales ratio in 2024, while the operating profit margin reached its highest level of 21.1% in 2025 because net operating expenses grew more slowly (7.2%) than sales (18.8%). The net profit margin increased from 16.6% to 19.0%. A decomposition shows that about 84% of the increase in operating profit over 2022–2025 came from sales growth and about 16% from margin expansion, while the effective tax rate remained stable at around 20–21%. The findings indicate that profitability improved in terms of both scale and efficiency, and the shift from a sales-growth-driven pattern (2022-2024) toward one also supported by cost efficiency (2025) is tentatively interpreted as a transition from a growth/differentiation-oriented competitive strategy toward one that also emphasizes cost leadership, a link to strategic management that needs to be confirmed against management's strategy statements in the annual report.]]>
Copyrights © 2026
