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Laba Bersih HMSP Merosot di 2025, Pasar Rokok Nasional Belum Bangkit

Laba Bersih HMSP Merosot di 2025, Pasar Rokok Nasional Belum Bangkit

PT HM Sampoerna Tbk (HMSP), emiten rokok terkemuka di Indonesia, mengalami penurunan laba bersih signifikan sepanjang 2025 meskipun cukai rokok tidak dinaikkan. Pasar rokok nasional belum pulih sepenuhnya akibat tren downtrading konsumen dan maraknya rokok ilegal.

Penurunan Laba HMSP

Laba bersih HMSP turun tajam di berbagai periode 2025. Pada semester I-2025, laba bersih anjlok 35,95% menjadi Rp2,12 triliun dari Rp3,31 triliun tahun sebelumnya, diikuti penurunan 13,7% menjadi Rp4,5 triliun hingga kuartal III. Penjualan bersih menyusut 4,56% menjadi Rp55,17 triliun pada paruh pertama tahun, dengan volume penjualan turun 1,5% ke 39,3 miliar batang.

Kondisi Pasar Rokok

Produksi rokok nasional kontraksi sepanjang 2024-2025, turun 2,8% menjadi 197 miliar batang hingga Agustus 2025 dibanding periode sama 2024. Meski Oktober 2025 mencapai puncak 35 miliar batang (total ytd 258,4 miliar), industri masih tertekan downtrading dan rokok ilegal naik 37% yoy. Cukai stabil tanpa kenaikan, tapi penyesuaian Harga Jual Eceran (HJE) diterapkan untuk lindungi penerimaan negara.

Faktor Penyebab

Beban pokok penjualan dan biaya umum-penjualan naik lebih tinggi daripada pendapatan, meski laba kotor HMSP naik 11,05% ke Rp9,64 triliun di semester I. Daya beli konsumen bergeser ke produk murah, erosi pangsa pasar premium. HMSP tetap pimpin pasar tapi kinerja moderat, dengan proyeksi laba 2026 potensial rebound ke Rp8 triliun.

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