Jakarta. Phapros, the producer of the anti-nausea medicine Antimo, reported that its net profit had gone down from Rp 30 billion (about $1.9 million) in 2022 to Rp 10.36 billion the following year.

The company attributed the 66.67 percent decline to the lower sales.

In 2023, Phapros -- also known by its ticker symbol PEHA -- recorded Rp 1.02 trillion in sales, down by 12.93 percent from Rp 1.16 trillion recorded the previous year. PEHA’s sales to related parties also declined from Rp 1.09 trillion (2022) to Rp 881 billion (2023). However, its sales to third parties rose by 87.21 percent from Rp 70.86 billion to Rp 132 billion over the said period.

As sales dropped, Phapros’s cost of goods sold also went down by 15.24 percent from Rp 584 billion to Rp 495 billion. This resulted in a Rp 518 billion gross profit, marking an 11.30 percent drop from Rp 584 billion.

Phapros, which is a subsidiary to the state-owned pharmaceutical giant Kimia Farma, posted Rp 1.76 trillion in assets last year. 

Phapros previously said that the company planned on partnering with various institutions to produce new medical equipment and medicines this year. 

“We have partnered with several universities and research bodies to develop innovative products. We are also developing innovative dosage forms internally, so this will make our products more diverse. Our export plans for 2024 are still on schedule. We are optimistic that this year Phapros will book a positive growth,” David Sidjabat said back when he was PEHA's president director.

PEHA late last month announced that David was resigning from his president director position.