Cisarua Mountain Dairy (CMRY) has delivered a stellar financial performance for the second quarter of 2025, with net profit surging 24% year-over-year. This robust growth, detailed in its latest financial report, significantly outpaced market expectations, signaling strong operational momentum for the Indonesian consumer foods giant.

A Deep Dive into Stellar Results

Net Profit Outperforms Consensus

CMRY reported a net profit of IDR 514 billion in Q2 2025, marking an impressive 24% year-over-year increase and a 7% jump quarter-over-quarter. This powerful quarterly showing propelled the company’s first-half (1H25) net profit to a remarkable IDR 994 billion, also up 24% year-over-year. Critically, this 1H25 performance represents 59% of the full-year 2025 consensus estimate, well above the average 51% full-year realization seen in the past two years, underscoring the company’s exceptional operational efficiency and market capture.

Revenue and Margin Expansion Fuel Growth

The robust net profit growth was primarily underpinned by two powerful engines. Firstly, revenue surged 21% year-over-year and 11% quarter-over-quarter. This top-line expansion was largely driven by an outstanding 33% year-over-year and 13% quarter-over-quarter increase in the core ‘consumer foods’ segment, which remains the bedrock of CMRY’s market dominance.

Secondly, the company achieved remarkable operating margin expansion, climbing to 23.6% in Q2 2025. This marks a substantial improvement from 19.9% in Q2 2024 and 20.7% in Q1 2025, demonstrating CMRY’s successful cost optimization efforts. The margin enhancement was a direct result of disciplined cost management:

• • General and administrative (G&A) expenses plummeted by 26% year-over-year and 33% quarter-over-quarter to just IDR 39 billion.

• • The sales expense ratio moderated to 20.3% of revenue, down from 22.5% in Q2 2024 and 21.3% in Q1 2025.

Investor Implications: A Solid Foundation for Growth

CMRY’s ability to not only expand its top line but also significantly enhance its profitability margins speaks volumes about its operational resilience and strategic execution. For investors eyeing the dynamic Indonesian consumer sector, these results present a strong indicator of CMRY’s compelling value proposition and its potential for sustained growth in a competitive landscape.