The Capital Region's Slump Enters a Third Quarter, and Gets Worse
This is PT Sumber Alfaria Trijaya Tbk's unaudited interim consolidated financial statements for the six months ended June 30, 2024, authorized for issue by the Board of Directors on July 29, 2024. The headline: net revenue rose 10.00% to Rp59,219,133 million, from Rp53,833,869 million, and net income attributable to owners rose 11.26% to Rp1,794,307 million, from Rp1,612,720 million (see Key Financial Metrics).
The Q1 2024 post flagged that Jabodetabek's standalone segment income fell 4.06% year-over-year, a second consecutive quarter of decline after Q4 2023's 39.49% collapse, and asked whether the region's weakness would continue or recover. It got worse. Deriving the standalone second quarter by subtracting the already-published Q1 2024 figures from this filing's six-month total, Jabodetabek's segment income fell 15.31% year-over-year in Q2 2024 alone (Rp227,885 million from Rp269,092 million) - a sharper decline than Q1's, even though the region's revenue still grew 2.03%. Margin compressed to 2.84%, from 3.42% a year earlier. Java (excl. Jabodetabek) and Outside Java both kept growing standalone segment income double-digits (+9.06% and +18.11% respectively), so this isn't an industry-wide Q2 problem - it's specific to the capital region, and it's now three consecutive standalone quarters of decline (Q4 2023, Q1 2024, Q2 2024), with the second and third both accelerating rather than easing (see Segment Performance).
The other Q1 story reversed just as cleanly. Q1 2024 flagged interest-bearing debt more than doubling to Rp150,116 million, spread across a dozen relationship banks. By June 30, 2024, that debt had fallen to Rp57,104 million, down 62.0% from Q1's peak, and it's no longer spread across a dozen lenders - it's almost entirely a single Rp57,000 million MUFG revolving facility drawn by subsidiary MIDI, with the parent company itself carrying zero outstanding short-term bank loans (see Beyond the Usual).
The Prescription
Alfamart's growth engine remains unambiguously outside the capital region - Java (excl. Jabodetabek) and Outside Java have now posted double-digit standalone segment-income growth in three of the last four quarters this site has tracked - and management should keep directing new-store capacity there rather than defending a Jabodetabek market that's now shown three consecutive standalone quarters of income decline, each one deeper than a simple "mature market, slower growth" explanation can account for. What it should stop doing is letting a comparative-column restatement quietly move Rp132,309 million of segment income out of Java (excl. Jabodetabek) between one filing and the next (see Beyond the Usual) without a word of explanation - a company happy to itemize a single bank's guarantee-fee percentage to two decimal places has the disclosure discipline to explain a segment-cost reallocation of that size, and its silence here echoes the same instinct behind the rights issue mandate's now fourteen-filing silence.
Key Financial Metrics
H1 2024 vs. H1 2023 (P&L and cash flow), June 2024 vs. December 2023 (balance sheet) - consolidated, unaudited
FX: IDR 16,421 = USD 1 (the exchange rate at the reporting date, per the filing's own monetary-assets-in-foreign-currency note). Balance-sheet comparatives are shown in IDR only, consistent with prior posts' convention.
| Metric | H1 2024 (IDR) | H1 2024 (USD) | H1 2023 (IDR) | YoY |
|---|---|---|---|---|
| Net Revenue | Rp59,219,133M | ~$3,606.3M | Rp53,833,869M | ✅ +10.00% |
| Gross Profit | Rp12,773,661M | ~$777.9M | Rp11,435,835M | ✅ +11.70% |
| Income from Operations ("Operating Income") | Rp2,317,813M | ~$141.2M | Rp2,109,092M | ✅ +9.90% |
| Income Before Final Tax and Corporate Income Tax | Rp2,324,681M | ~$141.6M | Rp2,046,144M | ✅ +13.61% |
| Income for the Period (total) | Rp1,860,121M | ~$113.3M | Rp1,647,728M | ✅ +12.90% |
| Net Income (attributable to owners) | Rp1,794,307M | ~$109.3M | Rp1,612,720M | ✅ +11.26% |
| EPS | Rp43.21 | ~$0.00263 | Rp38.84 | ✅ +11.25% |
| EBITDA» (Operating Income + D&A) | Rp4,341,091M | ~$264.4M | Rp3,878,904M | ✅ +11.92% |
| Balance sheet metric | Jun 2024 (IDR) | Jun 2024 (USD) | Dec 2023 (IDR) | Change |
|---|---|---|---|---|
| Total Assets | Rp35,129,311M | ~$2,139.7M | Rp34,246,183M | ✅ +2.58% |
| Total Liabilities | Rp18,938,832M | ~$1,153.4M | Rp18,540,983M | ⚠️ +2.15% |
| Total Equity (attributable to owners) | Rp14,938,075M | ~$909.7M | Rp14,473,429M | ✅ +3.21% |
| Total Cash (incl. time deposits) | Rp2,813,009M | ~$171.3M | Rp4,074,530M | ⚠️ -30.96% |
"Adjusted EBITDA»" remains a metric Alfamart doesn't report; the EBITDA line above is Income from Operations plus depreciation and amortization (Rp2,023,278M for H1 2024, per the segment note, versus Rp1,769,812M for H1 2023).
Free cash flow (net cash from operating activities minus capex - "acquisition of fixed assets" only, same basis as prior posts): rose to +Rp1,586,642M, up 2.05% from +Rp1,554,788M a year earlier - a much smaller gain than the headline profit growth suggests. Net cash from operating activities rose 10.40% to +Rp2,754,154M (from +Rp2,494,765M), but capex on fixed assets grew faster still, 24.21% to Rp1,167,512M (from Rp939,977M). Subtracting the already-published Q1 2024 FCF of +Rp263,161M implies the standalone second quarter alone contributed roughly +Rp1,323,481 million - down 35.13% from Q2 2023's standalone contribution of roughly +Rp2,040,170 million (H1 2023's +Rp1,554,788M less Q1 2023's -Rp485,382M), even though cash receipts from customers grew a healthy 9.42% (Rp60,648,410M from Rp55,422,087M). The heavier capex, not weaker collections, is what's driving the standalone-quarter FCF decline.
Debt-to-Equity Ratio (DER)» (interest-bearing debt - short and long-term bank loans and consumer financing payables, excluding the right-of-use lease liability, on the same basis as prior posts; no bonds remain outstanding): roughly 0.004x at June 2024, matching December 2023's 0.004x (both rounded to the same figure per the filing's own capital-management note) - but the underlying balance moved a great deal within that rounding. Interest-bearing debt fell to approximately Rp57,104 million (Rp57,000M of short-term bank loans plus Rp104M of consumer financing payables), down 62.0% from Q1 2024's Rp150,116 million peak and down 9.24% even from December 2023's Rp62,919 million - a full reversal of Q1's borrowing spike (see Beyond the Usual). Net gearing eased further to roughly -0.18x (net cash) at June 2024, from -0.23x at Q1 2024 and -0.28x at December 2023 ⚠️ - continuing to normalize toward a less deeply net-cash position, as cash kept falling faster than the now-shrinking debt.
Key Operational Metrics
- Store network: 22,959 consolidated stores (Alfamart, Alfamidi, Lawson, and Dan+Dan, per the company's own presentation) as of June 2024, up 2.91% from 22,310 at December 2023 and up 7.37% from 21,383 a year earlier at H1 2023 - a net addition of 649 stores in the half, including 192 new franchise stores. Franchise stores (5,399) grew 3.69% from December 2023, slightly faster than company-owned stores' (17,560) 2.67% growth. Geographically, Greater Jakarta's share of the total store count fell to 26.3%, from 26.9% at December 2023, while Java held at 40.0% and Outer Islands rose to 33.7% - the store network's own geographic mix is quietly shifting away from the region posting the income declines.
- Market share: Alfamart's share of total Indonesia grocery rose to 14.0%, from 13.2% a year earlier (YTD June 2024 vs. YTD June 2023, per the company's own presentation, using Nielsen data covering 68 grocery categories) - a third consecutive half-year of gains. Share of Modern Trade rose to 28.0% (from 27.2%), and share of Modern Trade Minimarket rose to 34.8% (from 34.2%).
- Permanent employees: not available. Unlike Q1 2024, this filing's key-management and related-party notes don't disclose a headcount figure for either period.
Segment Performance
Alfamart reports the same three geographic segments as every prior post - Jabodetabek (greater Jakarta), Java excluding Jabodetabek, and Outside Java. The table below uses this filing's own six-month figures for the two periods; see Beyond the Usual for a discrepancy this site found in how the H1 2023 comparative column compares to the originally-published H1 2023 figures.
| Segment | External Revenue (H1 2024) | External Revenue (H1 2023) | YoY | Segment Income (H1 2024) | Segment Income (H1 2023) | YoY | Margin (2024 vs 2023) |
|---|---|---|---|---|---|---|---|
| Jabodetabek | Rp16,131,002M | Rp15,316,110M | ✅ +5.32% | Rp495,997M | Rp548,557M | 🔴 -9.58% | ⚠️ 3.08% vs 3.58% |
| Java (excl. Jabodetabek) | Rp22,394,929M | Rp20,554,885M | ✅ +8.95% | Rp1,351,553M | Rp1,234,020M | ✅ +9.52% | ✅ 6.04% vs 6.00% |
| Outside Java | Rp20,693,202M | Rp17,962,874M | ✅ +15.20% | Rp1,296,185M | Rp1,112,383M | ✅ +16.52% | ✅ 6.26% vs 6.19% |
The six-month view already shows Jabodetabek as the one segment losing both income and margin, but it understates how much the picture deteriorated within the quarter itself. Deriving the standalone second quarter (H1 2024 less the already-published Q1 2024 figures, against H1 2023 less the already-published Q1 2023 figures) shows:
| Segment | Revenue (Q2 2024 standalone) | Revenue (Q2 2023 standalone) | YoY | Segment Income (Q2 2024 standalone) | Segment Income (Q2 2023 standalone) | YoY |
|---|---|---|---|---|---|---|
| Jabodetabek | Rp8,031,741M | Rp7,872,143M | ✅ +2.03% | Rp227,885M | Rp269,092M | 🔴 -15.31% |
| Java (excl. Jabodetabek) | Rp11,153,609M | Rp10,423,072M | ✅ +7.01% | Rp683,519M | Rp626,718M | ✅ +9.06% |
| Outside Java | Rp10,708,189M | Rp9,371,583M | ✅ +14.26% | Rp667,772M | Rp565,373M | ✅ +18.11% |
Jabodetabek's standalone-quarter decline accelerated from Q1 2024's 4.06% to Q2 2024's 15.31% - the third consecutive standalone quarter of decline for the capital region (after Q4 2023's 39.49% collapse and Q1 2024's milder 4.06% drop), and the first time since this site began tracking the pattern that the decline got meaningfully worse quarter-over-quarter rather than easing. Java (excl. Jabodetabek) and Outside Java both kept growing standalone segment income double-digits, so whatever is pressuring Jabodetabek - rising competitive intensity in Indonesia's most saturated minimarket market, a cost structure that doesn't flex with slower same-store growth, or something the filing doesn't disclose - isn't a company-wide or seasonal phenomenon.
Segments Compared
Combined segment income grew 8.60% year-over-year on this filing's own comparative figures (Rp2,894,960M to Rp3,143,735M) - though using the figures this site originally reported for H1 2023 (Rp3,027,269M), the same growth rate would be only 3.85% (see Beyond the Usual for why the two bases differ). Unallocated corporate overhead, on this filing's own comparative, rose 5.10% (Rp785,866M to Rp825,922M) - a very different trend from the -2.56% H1 2023 post itself reported for the same six months' overhead, again tracing to the comparative-column change. Net income to owners grew faster than combined segment income (11.26% vs 8.60%), and the gap traces mostly to non-operating items: finance cost fell 35.90% (Rp95,110M to Rp60,969M) even as short-term debt swung up and back down within the half, finance income rose 72.28% (Rp30,762M to Rp52,997M), and the Group's share of associates' results improved to a Rp14,840M gain from a Rp1,400M gain.
Beyond the Usual
The rights issue mandate stays unaddressed for a fourteenth consecutive filing
Shareholders approved the up-to-5-billion-share Capital Increase with Pre-emptive Rights (HMETD) at the May 6, 2021 Extraordinary General Meeting - a mandate this site has now tracked across fourteen consecutive filings, most recently Q1 2024 (silent, like every filing since the FY2021 annual report stopped acknowledging it). This filing was authorized for issue on July 29, 2024 - roughly 815 days (about 26.8 months) past the mandate's own May 6, 2022 regulatory deadline under OJK Regulation No. 32/POJK.04/2015 - and, like every filing since, contains no reference anywhere to the rights issue having lapsed, been extended, been formally cancelled, or been replaced by a fresh shareholder approval. The issued share count remains unchanged at 41,524,501,700, the same figure disclosed at every quarter since the approval was granted.
A comparative-column restatement quietly moved Rp132,309 million of segment income out of Java (excl. Jabodetabek)
This filing's H1 2023 comparative column reports combined segment income of Rp2,894,960 million and unallocated corporate overhead of Rp785,866 million for the six months ended June 30, 2023 - both figures reconcile to the same Rp2,109,092 million income from operations the original filing reported, but neither matches what this site recorded from the original H1 2023 post, which reported combined segment income of Rp3,027,269 million and unallocated overhead of Rp918,177 million for the identical period. The Rp132,309 million difference isn't spread evenly: Jabodetabek's H1 2023 segment income was revised up slightly (Rp543,280 million to Rp548,557 million, +Rp5,277 million), Outside Java's was revised up slightly (Rp1,095,474 million to Rp1,112,383 million, +Rp16,909 million), but Java (excl. Jabodetabek)'s was revised down substantially (Rp1,388,515 million to Rp1,234,020 million, -Rp154,495 million) - almost the entire net movement. Segment external revenue figures are unchanged between the two filings; only the segment-income allocation moved, alongside a matching reduction in the unallocated-overhead pool. The filing doesn't explain the change, and it isn't disclosed as a restatement anywhere in the notes - a reader comparing this filing's own trend line against last year's post would see Java (excl. Jabodetabek)'s H1 2023 profitability was quietly written down by 11.1% with no accompanying note.
The Bank Aladin stake's paper loss widened to its deepest level yet
The Rp500,000 million stake in PT Bank Aladin Syariah Tbk, first flagged at H1 2022 and tracked through Q1 2024's 36.76% period-end reading, shows an accumulated unrealized fair-value loss of Rp229,411 million at June 30, 2024 - a 45.88% paper loss, the deepest period-end reading this site has recorded for the stake, and worse again than Q1's near-filing-date reading of 43.24%. The note discloses that "as of the date near completion" of these statements (close to the July 29, 2024 authorization date), Bank Aladin's share price implied a carrying value of just Rp266,177 million - a 46.76% loss from cost, continuing the pattern of the near-filing-date mark landing worse than the period-end figure, now visible across five consecutive filings.
Short-term bank debt was fully repaid and consolidated into a single subsidiary facility
The dozen relationship-bank loans Q1 2024 itemized - spread across PT Bank BRI Syariah, PT Bank Tabungan Negara, PT Bank Sinarmas, PT Bank Aladin Syariah, PT Bank CIMB Niaga, MUFG Bank, and PT Bank DBS Indonesia, among others - were fully repaid by June 30, 2024. The Company itself now carries zero outstanding short-term bank loans; the entire Rp57,000 million balance belongs to subsidiary MIDI, drawn as a revolving facility from MUFG Bank, Ltd., Jakarta, under a credit line available until December 15, 2024. MIDI discloses it remains in compliance with all financial ratios required by its three lenders (BCA, Mandiri, and MUFG).
Franchise revenue kept growing faster than overall net revenue
Franchise cooperation agreements generated Rp10,859,348 million of franchise income for H1 2024, up 11.13% from Rp9,772,038 million in H1 2023, ahead of the 10.00% growth in overall net revenue - continuing the pattern H1 2023 first flagged, though the gap narrowed slightly (18.34% of net revenue this half, versus 18.15% a year earlier, a smaller mix shift than the year-earlier comparison showed).
The related-party building lease to PIM rose again, reversing Q1's decline
The lease liability to PT Perkasa Internusa Mandiri ("PIM"), an entity under common control that the Company rents building space, equipment, and services from, rose to Rp95,902 million (0.27% of total consolidated liabilities) at June 30, 2024 - down 3.07% from December 2023's Rp98,943 million, but up 10.59% from Q1 2024's Rp86,721 million. The liability has now moved in a different direction every quarter this site has tracked it, with no explanation offered in any filing.
Related-party purchases grew as a share of total purchases, reversing a multi-quarter decline
Net purchases from PT Atri Distribusindo, PT Yamazaki Indonesia, PT Alfindo LF Makmur, and (newly disclosed this quarter) PT Benfood Ekamakmur Nusajaya totaled Rp517,980 million for the half, 1.09% of total net purchases - up from 0.90% a year earlier (Rp390,065 million), reversing the decline H1 2023 tracked across four prior periods. The addition of a fourth related-party supplier accounts for part of the increase (Rp12,936 million, or 0.03 percentage points), but the three previously-disclosed counterparties also grew their combined share.
Coverage Table
| Metric | H1 2024 | H1 2023 | YoY | Why it matters |
|---|---|---|---|---|
| Net Revenue | Rp59,219,133M | Rp53,833,869M | ✅ +10.0% | Slower than H1 2023's 12.42% pace |
| Net Income (to owners) | Rp1,794,307M | Rp1,612,720M | ✅ +11.3% | Ahead of segment income growth (+8.6%), driven mostly by non-operating items |
| Jabodetabek segment income (standalone Q2) | Rp227,885M | Rp269,092M | 🔴 -15.3% | Third consecutive standalone-quarter decline, and the sharpest since Q4 2023 |
| Interest-bearing bank debt | Rp57,104M | Rp150,116M (Q1 2024) | ✅ -62.0% | Q1's borrowing spike fully unwound within the quarter |
| Free cash flow | Rp1,586,642M | Rp1,554,788M | ✅ +2.1% | Real growth, but capex (+24.2%) is outpacing operating cash flow growth |
| Rights issue disclosure | Zero mentions | Zero mentions | 🔴 unchanged | Fourteenth consecutive silent filing, now ~815 days past deadline |
Target Valuation Range
Enterprise value ~Rp111.44 trillion (~$6.79B), implying 13.04x EV/EBITDA and a trailing P/E of ~31.85x - fairly valued, tilting slightly cheaper. Every multiple this site tracks compressed again this quarter as the share price fell 5.50% from March even while EBITDA and earnings kept growing, but the accelerating Jabodetabek decline (see above) is a real question mark the market hasn't obviously priced in either direction.
Alfamart's shares closed at Rp2,750 on June 28, 2024 (the last trading session of the quarter) - down 5.50% from Rp2,910 at Q1 2024, and up 6.59% from Rp2,580 a year earlier at H1 2023. No stock split has occurred since 2013, so no price adjustment is needed.
| Market cap → enterprise value | Q2 2024 |
|---|---|
| Share price (period-end) | Rp2,750 |
| Shares outstanding | 41,524,501,700 |
| Market capitalization | Rp114.19 trillion (~$6.96B) |
| Plus: interest-bearing debt | Rp57,104 million |
| Less: cash and equivalents | Rp2.81 trillion |
| Enterprise value | Rp111.44 trillion (~$6.79B) |
| Peer-multiple sanity check | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Trailing P/E | ~34.34x | ~31.85x | ✅ down |
| EV/EBITDA | ~14.08x | ~13.04x | ✅ down |
| P/B | ~7.91x | ~7.65x | ✅ down |
Trailing P/E (using an approximated TTM net income of Rp3,585,244 million: FY2023's Rp3,403,657 million, less H1 2023's Rp1,612,720 million, plus H1 2024's Rp1,794,307 million) fell as trailing earnings grew faster than the share price fell. EV/EBITDA (against an approximated TTM EBITDA of Rp8,548,361 million: FY2023's Rp8,086,174 million, less H1 2023's Rp3,878,904 million, plus H1 2024's Rp4,341,091 million) fell the same way. P/B (book value of approximately Rp14,938,075 million equity attributable to owners ÷ 41.52 billion shares) fell as well.
No listed domestic peer still exists for a direct minimarket-format comparison - Indomaret remains privately held under the Salim Group. A full DCF still isn't included here, for the same reason as prior posts: the rights issue mandate's continued silence (see Beyond the Usual) leaves an unresolved capital-structure question a forward model would need to take a view on either way. The share price moved within a Rp1,875-Rp3,090 range across the trailing two years to this quarter-end (based on month-end closes) - a 64.80% peak-to-trough swing, narrower than Q1 2024's 80.70% window as April 2022's lower low has now rolled out of the two-year lookback.
PT Sumber Alfaria Trijaya Tbk's unaudited interim consolidated financial statements as of June 30, 2024 and for the six months then ended; the Company's corresponding investor presentation as of June 30, 2024.