6 days ago
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November 10, 2024 | 03:55 pm
TEMPO.CO, Jakarta - PT Fast Food Indonesia Tbk (FAST), the licensee owner of Kentucky Fried Chicken (KFC) in Indonesia, experienced a loss of Rp558 billion in the current period until the third quarter of 2024. Management revealed that this condition was partly due to the recovery from the Covid-19 pandemic that has not gone according to plan and the prolonged crisis in the Middle East.
"These two issues have had a negative impact on the group's results for the nine-month period ending on September 30, 2024," management said in its financial report quoted on Saturday, November 9, 2024.
The loss has increased compared to the same period last year. As of September 30, 2023, FAST recorded a loss of Rp152 billion. In addition, the total current liabilities of the consolidated FAST Group exceeded its total current assets by Rp1,233,401,700 as of September 30, 2024. By December 31, 2023, FAST's total current assets amounted to Rp1,023,501,559.
In addition to KFC, FAST also holds franchising licenses for the global fast-food brand Taco Bell. Since 2019, FAST has also had an exclusive agreement to supply carbonated beverages from Coca-Cola through PT Cola-Cola Distribution Indonesia, valid until December 31, 2024.
For your information, PT Fast Food Indonesia Tbk was founded by the Gelael Family in 1978. In 1979, the company acquired the franchise with the opening of its first outlet in October on Jalan Melawai in Jakarta. The opening of the first outlet proved to be successful and was followed by the opening of more outlets in Jakarta and expansion into several other major cities in Indonesia including Bandung, Semarang, Surabaya, Medan, Makassar, and Manado.
The majority of FAST's shares currently amount to 80 percent, distributed with 43.84 percent going to PT Gelael Pratama of the Gelael Group and 35.84 percent going to PT Megah Eraraharja of the Salim Group. Meanwhile, the remaining 20 percent of minority shares are divided among the public and employee cooperatives.
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