Jakarta. Cigarette company  Hanjaya Mandala Sampoerna (HMSP) recorded a net profit of Rp 3.75 trillion ($249.9 million) in the first half of 2023, representing an increase of 23 percent year-on-year.

The financial results published on Thursday showed that the company’s first-half net sales rose by 4.95 percent to Rp 56.15 trillion from Rp 53.5 trillion in the first half of 2022.

Sales in domestic markets stood at Rp 55.3 trillion, while export sales contributed only Rp 237 billion to overall net sales.

As of June 30, Sampoerna’s total assets were valued at Rp 48.55 trillion, while its liabilities stood at 23.03 trillion.

Cigarette stocks enjoyed windfall gains in the first quarter of the year as major producers raised their prices almost simultaneously while a new hike in the government’s excise was not imposed until early March.

Cigarette giants Sampoerna, Gudang Garam (GGRM), and Wismilak (WIIM) recorded a net profit margin of 8 percent, 6.5 percent, and 9.4 percent, respectively, during that quarter (versus 7.3 percent, 3.6 percent, and 5.1 percent YoY).

The price of HMSP, GGRM, and WIIM shares also surged by 33.9 percent, 44.4 percent, and 38.1 percent, respectively between January and March.