Unlike most western firms (Jan-Dec), Djarum historically follows the Indonesian tax calendar, but subsidiaries like BCA follow a calendar year. The full consolidation usually lags until March of the following year.
Published: October 2023 | By The Investment Desk djarum group annual report full
In the landscape of Southeast Asian conglomerates, few names command as much respect—and as much mystery—as the Djarum Group. Headquartered in Kudus, Central Java, this tobacco giant has transformed over half a century into a diversified behemoth with interests spanning from banking (BCA) to property, technology, and palm oil. From the Grand Indonesia shopping mall in Jakarta
For analysts, investors, and business historians, accessing the Djarum Group annual report full document is akin to finding the Holy Grail of Indonesian corporate intelligence. Unlike publicly traded subsidiaries, the parent holding company (PT Djarum) remains notoriously private. So, how do you find the real data? This article provides a masterclass in sourcing, interpreting, and utilizing the financial health and strategic direction of the Hartono brothers’ empire. Unlike most western firms (Jan-Dec)
From the Grand Indonesia shopping mall in Jakarta to the sprawling BSD City smart city, the report shows a real estate portfolio that acts as a hard asset hedge against the volatility of sin taxes.
For decades, the Hartono brothers (Budi and Michael) ran the world’s largest clove-cigarette manufacturer. But the 2023-2024 annual report tells a tale of existential foresight. As excise taxes rose and smoking prevalence fell in urban centers, Djarum did what most family businesses fail to do: it moved the capital, not the factory.
The report highlights three pillars that now dwarf the original business: