{"id":16977,"date":"2025-07-29T22:53:43","date_gmt":"2025-07-29T15:53:43","guid":{"rendered":"https:\/\/search.web.id\/digest\/indonesias-dairy-titans-cmry-soars-ultj-stumbles-in-1h25-earnings\/"},"modified":"2025-07-29T22:53:43","modified_gmt":"2025-07-29T15:53:43","slug":"indonesias-dairy-titans-cmry-soars-ultj-stumbles-in-1h25-earnings","status":"publish","type":"post","link":"https:\/\/search.web.id\/digest\/indonesias-dairy-titans-cmry-soars-ultj-stumbles-in-1h25-earnings\/","title":{"rendered":"Indonesia’s Dairy Titans: CMRY Soars, ULTJ Stumbles in 1H25 Earnings"},"content":{"rendered":"

Indonesia\u2019s vibrant dairy sector witnessed a striking divergence in performance during the first half of 2025 (1H25). Cisarua Mountain Dairy (CMRY)<\/a> delivered exceptional growth, while Ultrajaya Milk Industry & Trading Company (ULTJ)<\/a> faced significant headwinds, underscoring the critical role of diversification and operational efficiency in navigating market dynamics.<\/p>\n

The Tale of Two Dairies: 1H25 Performance Unpacked<\/h2>\n

Cisarua’s Stellar Ascent<\/h3>\n

Cisarua Mountain Dairy demonstrated remarkable resilience and growth. The company reported a net profit of IDR 514 billion<\/strong> in Q2 2025, marking a robust +24% year-on-year (YoY)<\/em> and +7% quarter-on-quarter (QoQ)<\/em> increase. This strong quarterly performance propelled CMRY\u2019s 1H25 net profit to a formidable IDR 994 billion<\/strong>, up +24% YoY<\/em>. This figure impressively surpassed consensus estimates, hitting 59% of the 2025F forecast<\/em>, positioning CMRY as a clear market leader in profitability within the Indonesian consumer goods space.<\/p>\n

Ultrajaya’s Revenue Headwinds<\/h3>\n

In stark contrast, Ultrajaya Milk Industry encountered considerable challenges. ULTJ posted a net profit of only IDR 239 billion<\/strong> in Q2 2025, a steep decline of -32% YoY<\/em> and -34% QoQ<\/em>. Consequently, the company’s 1H25 net profit plummeted by -20% YoY<\/em> to IDR 604 billion<\/strong>. This sharp reversal highlights significant pressures on Ultrajaya’s core business, which is heavily reliant on the dairy segment.<\/p>\n

Diving Deeper: Segmental Dynamics and Diversification<\/h2>\n

Dairy Sector’s Mixed Signals<\/h3>\n

The dairy segment, a cornerstone for both companies, revealed a nuanced picture. CMRY\u2019s “Dairy Product” revenue saw a modest recovery in Q2 2025, growing +3% YoY<\/em> and +8% QoQ<\/em> to IDR 933 billion<\/strong>. However, the 1H25 performance for this segment still registered a -4% YoY correction<\/em>, primarily due to a weak Q1 2025. This softness led to a reduced contribution of “Dairy Product” to CMRY’s total revenue, falling to 35% in 1H25<\/em> from 42% in 1H24<\/em>.<\/p>\n

For ULTJ, total revenue in Q2 2025 declined to IDR 1.8 trillion<\/strong>, representing a significant drop of -16% YoY<\/em> and -21% QoQ<\/em>. This marks Ultrajaya’s lowest quarterly revenue since Q3 2021. The 1H25 total revenue for ULTJ stood at IDR 4.1 trillion<\/strong>, a decrease of -8% YoY<\/em>. Given that ULTJ’s dairy segment contributes approximately 77% of its total revenue<\/em> (as of 9M24), this overall revenue decline largely reflects the struggles within its primary dairy operations.<\/p>\n

CMRY’s Consumer Foods: The Growth Engine<\/h3>\n

While its dairy segment navigated soft patches, CMRY\u2019s “Consumer Foods” division emerged as a powerful growth engine. This segment recorded impressive growth of +33% YoY<\/em> and +13% QoQ<\/em> in Q2 2025, driving CMRY\u2019s overall total revenue growth of +21% YoY<\/em> and +11% QoQ<\/em> during the period. Over 1H25, CMRY’s “Consumer Foods” segment revenue soared by a substantial +32% YoY<\/em>. This strategic diversification acted as a crucial buffer, shielding CMRY from the broader dairy sector’s inconsistencies and illustrating the benefits of a well-balanced portfolio.<\/p>\n

The Efficiency Edge: Opex & Margins<\/h2>\n

Cisarua’s Operational Acumen<\/h3>\n

Beyond revenue growth, CMRY demonstrated superior operational efficiency. The company maintained a relatively moderate increase in operating expenses (Opex) at just +6% YoY<\/em> for 1H25. This prudent cost management, combined with strong revenue performance, propelled CMRY’s operating profit margin upwards to 22.2% in 1H25<\/em>, an expansion from 19.8% in 1H24<\/em>. As a direct result, CMRY’s operating profit expanded by a healthy +31% YoY<\/em>, reinforcing its robust financial health.<\/p>\n

Ultrajaya’s Margin Compression<\/h3>\n

Conversely, Ultrajaya faced a squeeze on its margins. Despite declining revenues, ULTJ’s Opex rose by +5% YoY<\/em> in 1H25. This unfavorable dynamic led to a contraction in its operating profit margin, which dropped to 16.7% in 1H25<\/em> from 18.9% in 1H24<\/em>. The combination of falling revenue and rising costs directly contributed to ULTJ’s operating profit shrinking by -19% YoY<\/em>, highlighting challenges in cost control amidst a weakening top-line performance.<\/p>\n

<\/strong>CMRY<\/a><\/span>ULTJ<\/a> <\/div>\n","protected":false},"excerpt":{"rendered":"

Indonesia\u2019s vibrant dairy sector witnessed a striking divergence in performance during the first half of 2025 (1H25). Cisarua Mountain Dairy (CMRY) delivered exceptional growth, while Ultrajaya Milk Industry & Trading Company (ULTJ) faced significant headwinds, underscoring the critical role of diversification and operational efficiency in navigating market dynamics. The Tale of Two Dairies: 1H25 Performance […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[985],"tags":[758,491],"class_list":["post-16977","post","type-post","status-publish","format-standard","hentry","category-economy","tag-cmry","tag-ultj"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/posts\/16977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/comments?post=16977"}],"version-history":[{"count":0,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/posts\/16977\/revisions"}],"wp:attachment":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/media?parent=16977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/categories?post=16977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/tags?post=16977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}