An issuer engaged in the textile and garment sector, PT Trisula International Tbk (TRIS) posted a net profit increase of 81% year on year (yoy) to IDR 30.71 billion in the first quarter of 2023. In the same period last year, TRIS' net profit was IDR 16.97 billion. TRIS Main Director, Widjaya Djohan said the net profit was supported by net sales which increased 16% yoy to IDR 376.55 billion, compared to the same period the previous year which amounted to IDR 324.96 billion. The cost of goods sold was recorded at IDR 279.30 billion, an increase compared to the same period the previous year which amounted to IDR 255.15.

"We believe that the company's strong fundamentals and export market position will enable it to continue to provide value to our shareholders and customers," said Widjaya in Jakarta yesterday.

Meanwhile, TRIS's total export sales in the first quarter of 2023 reached IDR 253.25 billion, or 67% of the company's total sales in that period. Meanwhile, total domestic sales were recorded at IDR 123.29 billion.

In the first quarter of 2023, sales of textile and garment products such as blazers, suits, casual pants, etc. had the highest contribution to TRIS' performance, reaching 65% of total revenue. Sales from this segment increased 10% yoy.

Meanwhile, the distribution segment contributed 20% to total revenue throughout the first quarter of 2023. During this period, sales from the distribution segment increased 19% yoy.

"In addition, the retail segment and the uniform segment also posted significant growth in the first quarter of 2023 by 38% and 22% yoy respectively," he concluded.