PT Wilton Makmur Indonesia Tbk 2024-2023 Consolidated Financial Report: Performance, Shareholder Structure, and No Dividend Declared 182100

PT Wilton Makmur Indonesia Tbk: FY2024 Financial Analysis and Investor Outlook

PT Wilton Makmur Indonesia Tbk (the “Company”) and its subsidiaries have released their consolidated financial statements for the years ended 31 December 2024 and 2023. Below is a professional analysis of the group’s performance, key financial metrics, and notable events based on the official disclosures.

Key Financial Metrics Overview

Metric	2024	2023	YoY Change
Revenue	Rp 1,340,846,802	Rp 3,989,576,891	-66.4%
Gross Profit	Rp 527,382,303	Rp 430,888,524	+22.4%
Operating Loss	Rp (68,991,113,525)	Rp (50,707,606,191)	+36.0%
Net Loss Attributable to Owners	Rp (77,126,895,111)	Rp (54,912,182,465)	+40.5%
EPS (Loss per Share)	(4.96)	(3.53)	-40.5%
Total Assets	Rp 536,991,744,747	Rp 509,051,392,682	+5.5%
Total Liabilities	Rp 510,497,059,449	Rp 404,288,611,941	+26.3%
Total Equity	Rp 26,494,685,298	Rp 104,762,780,741	-74.7%
Proposed Dividend	Not Disclosed	Not Disclosed	–

Highlights and Performance Analysis

Revenue Collapse: Revenue dropped sharply by 66.4% YoY, from Rp 3.99 billion in 2023 to Rp 1.34 billion in 2024, mainly due to lower sales volumes and possible operational disruptions.
Widening Losses: The net loss attributable to shareholders increased by 40.5% YoY to Rp 77.13 billion. Earnings per share (EPS) loss deteriorated from (3.53) to (4.96).
Operating Expenses: Operating expenses surged to Rp 69.52 billion (+36% YoY), driven by higher field operations and administrative costs.
Equity Erosion: Total equity plunged by 74.7% to just Rp 26.49 billion, while liabilities surged 26.3% to Rp 510.5 billion, reflecting increased financial leverage and risk.
Negative Working Capital: The company reported a negative net working capital of Rp 434.98 billion, underscoring liquidity stress.
No Dividend: There was no disclosure of proposed or paid dividends for 2024 or 2023.

Historical Trends and Observations

Consistent Losses: The group has posted net losses for consecutive years, with the loss magnitude worsening in 2024.
Revenue Volatility: There is a significant fluctuation in revenue, with 2024 marking a sharp decline, while cost controls did not offset the revenue shortfall.

Liquidity and Going Concern

The management acknowledged material uncertainties about the company’s ability to continue as a going concern. Net cash outflows from operating activities were Rp 16.28 billion in 2024 (vs. Rp 34.42 billion in 2023), and the group is dependent on related-party loans and favorable vendor credit terms to maintain operations. The group has received support letters from its ultimate and direct parent companies, stating no plan to recall payables until at least 31 May 2026. However, the company’s negative working capital and recurring operational losses highlight ongoing financial risks.

Related-Party and Unusual Transactions

Significant Related-Party Borrowings: Outstanding due to related parties as of 31 December 2024 was Rp 268.72 billion, accounting for over 52% of total liabilities. These loans are interest-free and unsecured.
Non-Cash Transactions: Includes additions of fixed assets through other payables (Rp 27.58 billion in 2024).

Corporate Actions and Management Plans

Production Plans: The company plans to focus on processing oxide ores in Q4 2025 and subsequently transition to mixed ores, aiming to improve operational cash flows.
No Asset Revaluation or Major Fundraising: No asset revaluation, IPOs, or divestments were noted in the report.

Directors’ Remuneration

While specific figures for directors’ remuneration are not disclosed, related-party transactions include management fees paid to the ultimate parent entity and other related parties, totaling Rp 5.33 billion in 2024.

Risk Factors and Events Affecting the Business

Macroeconomic and Commodity Risk: The company’s sales and operational results are sensitive to gold price volatility, and it does not hedge commodity price risk.
Exchange Rate Risk: Given significant USD and SGD liabilities and assets, currency fluctuations present a risk.
No Legal Disputes or Natural Disasters: There are no mentions of major legal disputes, court cases, or natural disasters impacting the firm in this reporting period.

Conclusion and Outlook

The overall financial performance of PT Wilton Makmur Indonesia Tbk appears weak. The group continues to experience declining revenue, persistent and growing losses, severe erosion of equity, and acute liquidity stress. Management’s going concern statement underlines the precarious financial condition and reliance on parent company support and related-party loans to avoid insolvency. There are no announced dividends, and operational plans to improve performance do not provide certainty in the near term.

Investment Recommendations

If you are currently holding the stock:

Given the company’s deepening losses, negative working capital, and significant going concern risks, investors should consider reducing exposure, exiting, or hedging positions unless they have a very high risk tolerance and a specific view on a turnaround scenario. The stock’s risk profile is high, and further downside cannot be ruled out in the absence of a clear path to profitability.
If you are not currently holding the stock:

It is prudent to avoid initiating new positions in PT Wilton Makmur Indonesia Tbk at this stage. The risk-return profile is unfavorable, with no dividend income, recurring losses, negative cash flows, and uncertain recovery prospects.

Disclaimer: This analysis is based strictly on the company’s official financial statements and does not constitute investment advice. Investors should conduct their own due diligence and consider their financial situation and risk tolerance before making investment decisions.