The Quarter That Flipped Every Story This Site Was Tracking
This is PT Sumber Alfaria Trijaya Tbk's audited consolidated financial statements for the year ended December 31, 2024, authorized for issue by the Board of Directors on March 21, 2025. The headline: net revenue rose 10.55% to Rp118,227,031 million, from Rp106,944,683 million - but net income attributable to owners fell 7.51% to Rp3,148,107 million, from Rp3,403,657 million (see Key Financial Metrics). This is the first full-year profit decline this site has recorded across its entire AMRT coverage.
Deriving the standalone fourth quarter by subtracting the already-published 9M 2024 figures from this filing's full-year total flips almost every thread the 9M 2024 post was tracking. Jabodetabek's segment income grew 27.62% year-over-year in the standalone fourth quarter (Rp195,425 million from Rp153,135 million) - reversing four consecutive standalone-quarter declines, the worst of which was 9M 2024's 32.66% collapse. But Java (excl. Jabodetabek) and Outside Java - the two segments that had absorbed Jabodetabek's weakness all year - both turned negative standalone in the same quarter: Java (excl. Jabodetabek)'s segment income fell 20.85% and Outside Java's fell 4.79%, the first standalone-quarter decline for either segment outside the 2020 pandemic-lockdown quarter this site has on record (see Segment Performance).
None of this segment reshuffling actually explains the full-year profit miss, though. Combined segment income across all three geographies fell just 9.71% in the standalone fourth quarter (Rp1,450,214 million from Rp1,606,188 million) - a real but modest decline. What actually drove operating income down 37.15% and net income down 38.25% in the same standalone quarter was unallocated corporate overhead, which jumped to Rp477,145 million from Rp57,952 million - more than eight times its year-ago level (see Segments Compared). The filing doesn't itemize what's inside that jump; it's disclosed only as a single line in the segment note, the same way it has been every quarter this site has tracked (see Beyond the Usual).
Interest-bearing debt stayed at exactly zero across every facility disclosed, the same position 9M 2024 first reached. Alfamart's shares closed the year at Rp2,850 on December 30, 2024 - down 9.8% from 9M 2024's Rp3,160 two-year high, and down further from an intra-quarter high of Rp3,320 in October (see Target Valuation Range).
The Prescription
The single biggest number in this filing - unallocated corporate overhead jumping more than eightfold in one standalone quarter - sits behind a segment note line item with no further breakdown anywhere in the notes to the financial statements. A company that itemizes individual related-party lease liabilities down to the exact rupiah, and that named the specific bank facility it consolidated a dozen relationship-bank loans into just two filings ago, has more than enough disclosure muscle to explain what's actually inside "unallocated operating expenses" when that line alone erases most of a quarter's segment-level profit growth and turns a double-digit revenue-growth year into the company's first profit decline this site has tracked. Management should disaggregate that line - even a simple split between corporate payroll, professional fees, and one-off items would do - the next time it moves by a multiple this large. What it should keep doing is exactly what it did with debt: interest-bearing borrowing has now sat at zero for two consecutive filings, and finance costs fell 21.33% for the full year as a direct result, a real and durable improvement to the P&L that the segment noise this quarter shouldn't distract from.
Key Financial Metrics
FY2024 vs. FY2023 (P&L and cash flow), December 2024 vs. December 2023 (balance sheet) - consolidated, audited
FX: IDR 16,162 = 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 | FY2024 (IDR) | FY2024 (USD) | FY2023 (IDR) | YoY |
|---|---|---|---|---|
| Net Revenue | Rp118,227,031M | ~$7,315.1M | Rp106,944,683M | ✅ +10.55% |
| Gross Profit | Rp25,365,481M | ~$1,569.5M | Rp23,066,117M | ✅ +9.97% ⚠️ margin 21.46% vs 21.57% |
| Income from Operations ("Operating Income") | Rp4,078,527M | ~$252.4M | Rp4,429,298M | 🔴 -7.92% ⚠️ margin 3.45% vs 4.14% |
| Income Before Final Tax and Corporate Income Tax | Rp4,066,063M | ~$251.6M | Rp4,332,521M | ⚠️ -6.15% |
| Income for the Year (total) | Rp3,220,083M | ~$199.2M | Rp3,484,025M | ⚠️ -7.57% |
| Net Income (attributable to owners) | Rp3,148,107M | ~$194.8M | Rp3,403,657M | 🔴 -7.51% ⚠️ margin 2.66% vs 3.18% |
| EPS | Rp75.81 | ~$0.0047 | Rp81.97 | 🔴 -7.51% |
| EBITDA» (Operating Income + D&A) | Rp8,266,510M | ~$511.5M | Rp8,086,174M | ⚠️ +2.23% ⚠️ margin 6.99% vs 7.56% |
| Balance sheet metric | Dec 2024 (IDR) | Dec 2024 (USD) | Dec 2023 (IDR) | Change |
|---|---|---|---|---|
| Total Assets | Rp38,798,382M | ~$2,400.6M | Rp34,246,183M | ✅ +13.29% |
| Total Liabilities | Rp21,102,439M | ~$1,305.7M | Rp18,540,983M | ⚠️ +13.82% |
| Total Equity (attributable to owners) | Rp16,377,674M | ~$1,013.3M | Rp14,473,429M | ✅ +13.16% |
| Total Cash (incl. time deposits) | Rp4,895,208M | ~$302.9M | Rp4,074,530M | ✅ +20.15% |
This is the first quarter in this site's AMRT coverage where every one of the four mandatory profit metrics (net revenue aside) moved in the wrong direction year-over-year on a full-year basis - operating income, net income, and EBITDA all grew slower than revenue or fell outright, even as the balance sheet kept expanding.
"Adjusted EBITDA»" remains a metric Alfamart doesn't report; the EBITDA line above is Income from Operations plus depreciation and amortization (Rp4,187,983M for FY2024, per the segment note, versus Rp3,656,876M for FY2023).
Free cash flow (net cash from operating activities minus capex - "acquisition of fixed assets" only, same basis as prior posts): rose to +Rp5,519,789M, up 20.91% from +Rp4,565,140M a year earlier - growing roughly twice as fast as net income fell, and continuing 9M 2024's pattern of cash generation outperforming reported profit. Net cash from operating activities rose 18.28% to +Rp8,063,130M (from +Rp6,817,021M), while capex on fixed assets grew a slower 12.94% to Rp2,543,341M (from Rp2,251,881M). Subtracting the already-published 9M 2024 FCF of +Rp3,752,934M implies the standalone fourth quarter alone contributed roughly +Rp1,766,855 million - down 15.50% from Q4 2023's standalone contribution of roughly +Rp2,090,809 million (FY2023's +Rp4,565,140M less 9M 2023's +Rp2,474,331M), the one cash-flow line that actually moved in the same direction as the profit metrics this quarter.
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): exactly zero at December 2024 - every interest-bearing facility this filing discloses, including the last Rp92 million of consumer financing payables that remained at 9M 2024, has now been fully repaid. Net gearing stands at roughly -0.28x at December 2024, from -0.27x at 9M 2024 ✅ - essentially unchanged, since both debt and cash finished the quarter close to where the nine-month filing left them.
Key Operational Metrics
- Store network: 23,277 consolidated stores (Alfamart, Alfamidi, Lawson, and Dan+Dan, per the company's own presentation) as of December 2024, up 4.33% from 22,310 at December 2023, but only 22 net stores added in the standalone fourth quarter alone - versus 9M 2024's 296-store standalone-quarter addition and H1 2024's 649-store addition, a sharp deceleration in the pace of store openings that the segment-income reversal above doesn't explain. Franchise stores (5,614) grew 7.82% for the full year, still faster than company-owned stores' (17,663) 3.27% growth. Greater Jakarta's share of the total store count fell further to 25.0%, from 26.9% at December 2023 and 25.9% at 9M 2024 - the geographic mix kept shifting away from the capital region even in the quarter its segment income recovered, while Outer Islands rose to 35.1%.
- Market share: Alfamart's share of total Indonesia grocery held at 13.9%, unchanged from 9M 2024's YTD reading but up from 13.1% a year earlier (YTD December 2024 vs. YTD December 2023, per the company's own presentation, using Nielsen data covering 68 grocery categories). Share of Modern Trade rose slightly to 28.6% (from 28.4% at 9M 2024), and share of Modern Trade Minimarket rose to 35.3% (from 35.1% at 9M 2024) - both essentially flat over the quarter, a genuine plateau after several quarters of steady gains.
- Net revenue from franchises: Rp21,579,200 million for FY2024, 18.25% of net revenue, up from 17.87% a year earlier - still growing faster than overall net revenue (12.91% vs 10.55%), continuing the pattern this site has tracked since H1 2023.
- Permanent employees: 95,648, up 9.76% from 87,142 at December 2023 - the fastest headcount growth this site has recorded for the company, running ahead of the 4.33% store-count growth for the same period.
Segment Performance
Alfamart reports the same three geographic segments as every prior post - Jabodetabek (greater Jakarta), Java excluding Jabodetabek, and Outside Java.
| Segment | External Revenue (FY2024) | External Revenue (FY2023) | YoY | Segment Income (FY2024) | Segment Income (FY2023) | YoY | Margin (2024 vs 2023) |
|---|---|---|---|---|---|---|---|
| Jabodetabek | Rp32,335,307M | Rp30,426,966M | ✅ +6.27% | Rp855,703M | Rp945,648M | 🔴 -9.51% | ⚠️ 2.65% vs 3.11% |
| Java (excl. Jabodetabek) | Rp43,326,091M | Rp40,126,726M | ✅ +7.97% | Rp2,604,635M | Rp2,644,052M | ⚠️ -1.49% | ⚠️ 6.01% vs 6.59% |
| Outside Java | Rp42,624,633M | Rp36,392,931M | ✅ +17.12% | Rp2,367,030M | Rp2,146,125M | ✅ +10.29% | ⚠️ 5.55% vs 5.90% |
All three segments lost margin year-over-year on a full-year basis - the first time this site has recorded that for every geography simultaneously outside the 2020 pandemic year. But the full-year table understates how much the underlying pattern actually shifted in the fourth quarter. Deriving the standalone fourth quarter (FY2024 less the already-published 9M 2024 figures, against FY2023 less the already-published 9M 2023 figures) shows:
| Segment | Revenue (Q4 2024 standalone) | Revenue (Q4 2023 standalone) | YoY | Segment Income (Q4 2024 standalone) | Segment Income (Q4 2023 standalone) | YoY |
|---|---|---|---|---|---|---|
| Jabodetabek | Rp8,204,789M | Rp7,590,837M | ✅ +8.09% | Rp195,425M | Rp153,135M | ✅ +27.62% |
| Java (excl. Jabodetabek) | Rp10,579,289M | Rp9,977,877M | ✅ +6.03% | Rp634,127M | Rp801,186M | 🔴 -20.85% |
| Outside Java | Rp11,284,872M | Rp9,353,241M | ✅ +20.66% | Rp620,662M | Rp651,867M | ⚠️ -4.79% |
Jabodetabek's standalone-quarter income growth reversed a losing streak that ran through Q1 2024's -4.06%, Q2 2024's -15.31%, and 9M 2024's -32.66% - the first standalone-quarter growth for the capital region since Q3 2023. Revenue growth (+8.09%) accelerated too, so this reads as a genuine recovery, not just an easy comparison against a weak prior-year quarter (Q4 2023 standalone segment income was itself the region's worst quarter on record at the time). But Java (excl. Jabodetabek) - which had carried the business through Jabodetabek's decline all year, including 9M 2024's +1.66% near-stall - fell outright in the standalone quarter, and Outside Java, which had grown standalone segment income double-digits for four straight quarters, slipped negative for the first time in that run. Revenue kept growing at a healthy clip for both segments (+6.03% and +20.66% respectively), so this is a margin story for both, the same shape 9M 2024 first flagged for Java (excl. Jabodetabek) alone.
Segments Compared
Combined segment income fell 9.71% year-over-year in the standalone fourth quarter (Rp1,606,188M to Rp1,450,214M) - a real decline, but nowhere near enough on its own to explain operating income falling 37.15% in the same quarter. Unallocated corporate overhead jumped to Rp477,145M from Rp57,952M in the standalone fourth quarter alone - more than eight times its year-ago level (Rp1,748,841M FY2024 less Rp1,271,696M already disclosed at 9M 2024, against Rp1,306,527M FY2023 less Rp1,248,575M at 9M 2023). This single line item accounts for essentially the entire gap between the modest segment-level decline and the much sharper operating-income drop (see Beyond the Usual).
On a full-year basis, combined segment income grew just 1.60% (Rp5,735,825M to Rp5,827,368M), a sharp deceleration from 9M 2024's 5.99% pace - consistent with the standalone fourth quarter's decline dragging the cumulative figure down. Unallocated overhead grew 33.86% for the full year (Rp1,306,527M to Rp1,748,841M), far outpacing segment income growth. Net income to owners still fell less than operating income (-7.51% vs -7.92%), and the gap traces to genuine improvement in non-operating items: finance cost fell 21.33% (Rp162,543M to Rp127,868M) on the debt elimination tracked since 9M 2024, finance income rose 45.19% (Rp75,067M to Rp108,979M), and the Group's share of associates' results swung to a Rp6,425M gain from a Rp9,301M loss a year earlier.
Beyond the Usual
The rights issue mandate stays unaddressed for a sixteenth 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 sixteen consecutive filings, most recently 9M 2024 (silent, like every filing since the FY2021 annual report stopped acknowledging it). This filing was authorized for issue on March 21, 2025 - roughly 1,050 days (about 34.5 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.
An unallocated overhead line more than eight-timesed year-over-year, with no further breakdown offered
The segment note discloses "unallocated operating expenses" as a single line reconciling combined segment income to consolidated operating income - Rp1,748,841 million for FY2024, up from Rp1,306,527 million for FY2023. Deriving the standalone fourth quarter shows this line jumping to Rp477,145 million from Rp57,952 million a year earlier, an increase of more than eight times, in a quarter where combined segment income itself fell only 9.71%. This single line is effectively the entire explanation for the standalone quarter's 37.15% operating-income decline, and the filing offers no further breakdown - no split by expense type, no mention of a one-off item, no reference to a change in cost allocation methodology - anywhere in the notes to the financial statements.
The Bank Aladin stake's paper loss deepened to its worst reading yet, and the near-filing-date mark is worse again
The Rp500,000 million stake in PT Bank Aladin Syariah Tbk, first flagged at H1 2022 and tracked through 9M 2024's 50.29% period-end reading, shows an accumulated unrealized fair-value loss of Rp257,353 million at December 31, 2024 - a 51.47% paper loss, the deepest period-end reading this site has recorded for the stake. The note's near-filing-date reading (close to the March 21, 2025 authorization date), based on a Rp800-per-share market price, implies a carrying value of Rp235,294 million - a 52.94% loss from cost, worse than the period-end figure and reverting to the pattern of the near-date mark landing worse than period-end that 9M 2024 had briefly broken.
Cash dividends rose 19.2% in a year net income fell
The Company paid Rp1,190,930 million in cash dividends during 2024, up 19.16% from Rp999,080 million in 2023 - even as net income attributable to owners fell 7.51% over the same period. The implied payout ratio rose to roughly 37.8% of net income to owners, from roughly 29.4% a year earlier. Neither the increase nor the ratio is disclosed or explained as a deliberate policy shift anywhere in the filing; the dividend is simply declared at the same level of detail as in prior years.
The related-party building lease to PIM fell for the full year, reversing three quarters of increases
Following 9M 2024's rise to Rp104,934 million, the lease liability to PT Perkasa Internusa Mandiri ("PIM"), an entity under common control that the Company rents building space, equipment, and services from, fell to Rp77,528 million (0.37% of total consolidated liabilities) at December 31, 2024 - down 26.11% in the standalone fourth quarter alone, and also below December 2023's Rp98,943 million as a share of total liabilities (0.37% versus 0.53%). The liability has now moved in a different direction in four of the last five quarters this site has tracked, still with no explanation offered in any filing.
Space rental and promotional-participation fees from suppliers reached Rp5.68 trillion, folded quietly into Net Revenue
The Group charges suppliers for shelf space and joint promotional activities under one-year renewable agreements, and books the proceeds as part of Net Revenue rather than as a separate line - Rp5,681,441 million in 2024, up 8.91% from Rp5,216,456 million in 2023. At 4.81% of FY2024 net revenue, this slotting-fee-style income is large enough that a reader relying on the headline "Net Revenue" figure alone would have no way to know how much of the growth in that number reflects merchandise sales to end customers versus fees charged to suppliers for placement.
Long-term store and warehouse leases run as far out as 2039
The Group has signed long-term rental agreements running up to 240 months (20 years) with both third parties and related parties for minimarket locations and warehouses, maturing on various dates between 2025 and 2039 - a longer disclosed horizon than this site has previously highlighted for the company's real-estate commitments. Depreciation of the corresponding right-of-use assets totaled Rp2,384,946 million in 2024, up from Rp2,141,182 million in 2023.
Related-party purchases kept growing as a share of total purchases
Net purchases from PT Atri Distribusindo, PT Yamazaki Indonesia, PT Alfindo LF Makmur, and PT Benfood Ekamakmur Nusajaya totaled Rp1,194,615 million for FY2024, 1.26% of total net purchases - up from 9M 2024's 1.14% and from 0.99% a year earlier, extending the multi-quarter growth this site has tracked since H1 2024.
Coverage Table
| Metric | FY2024 | FY2023 | YoY | Why it matters |
|---|---|---|---|---|
| Net Revenue | Rp118,227,031M | Rp106,944,683M | ✅ +10.5% | Fastest full-year revenue growth this site has recorded for AMRT |
| Net Income (to owners) | Rp3,148,107M | Rp3,403,657M | 🔴 -7.5% | First full-year profit decline this site has tracked |
| Jabodetabek segment income (standalone Q4) | Rp195,425M | Rp153,135M | ✅ +27.6% | Reverses four straight standalone-quarter declines |
| Unallocated overhead (standalone Q4) | Rp477,145M | Rp57,952M | 🔴 +723% | The real driver of the standalone quarter's profit collapse |
| Interest-bearing bank debt | Rp0 | Rp92M (9M 2024) | ✅ -100% | Every facility now fully repaid |
| Rights issue disclosure | Zero mentions | Zero mentions | 🔴 unchanged | Sixteenth consecutive silent filing, now ~1,050 days past deadline |
Target Valuation Range
Enterprise value ~Rp113.45 trillion (~$7.02B), implying 13.72x EV/EBITDA and a trailing P/E of ~37.59x - fairly valued, with the multiples now telling a mixed story. The price fell alongside earnings this quarter, but earnings fell faster, so the stock is nominally more expensive on a trailing basis than it was at a two-year high three months ago.
Alfamart's shares closed at Rp2,850 on December 30, 2024 (the last trading session of the year) - down 9.8% from 9M 2024's Rp3,160, and down further from an intra-quarter high of Rp3,320 in October 2024. No stock split has occurred since July 2013, so no price adjustment is needed.
| Market cap → enterprise value | FY2024 |
|---|---|
| Share price (period-end) | Rp2,850 |
| Shares outstanding | 41,524,501,700 |
| Market capitalization | Rp118.34 trillion (~$7.32B) |
| Plus: interest-bearing debt | Rp0 |
| Less: cash and equivalents | Rp4.90 trillion |
| Enterprise value | Rp113.45 trillion (~$7.02B) |
| Peer-multiple sanity check | 9M 2024 | FY2024 | Change |
|---|---|---|---|
| Trailing P/E | ~36.33x | ~37.59x | ⚠️ up slightly |
| EV/EBITDA | ~14.65x | ~13.72x | ✅ down |
| P/B | ~8.46x | ~7.23x | ✅ down |
Market cap fell from Rp131.22 trillion (~$8.40B) at 9M 2024. Trailing P/E (using FY2024's actual net income to owners of Rp3,148,107 million, no approximation needed for a year-end filing) expanded slightly since the share price fell 9.8% but earnings fell faster (net income for the trailing twelve months is simply the FY2024 figure). EV/EBITDA (against FY2024's actual EBITDA of Rp8,266,510 million) fell - the larger denominator (a full year of EBITDA versus a trailing approximation) and zero debt both pulled this multiple down even as the numerator fell. P/B (book value of approximately Rp16,377,674 million equity attributable to owners ÷ 41.52 billion shares) fell as equity kept growing while the price fell.
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 Rp2,580-Rp3,320 range across the trailing two years to this quarter-end (based on month-end closes) - a 28.7% peak-to-trough swing, with the low from mid-2023 and the high from October 2024, this quarter's own close (Rp2,850) sitting closer to the low end of that range than the high.
PT Sumber Alfaria Trijaya Tbk's audited consolidated financial statements as of December 31, 2024 and for the year then ended; the Company's corresponding investor presentation as of December 31, 2024.