Sampoerna profit recovers as free-float rules could weigh on Sampoerna stock

Published on 10/19/2026 at 03:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half net income rose 97.1 percent to IDR 4.2 trillion. A 15 percent public-float threshold is a key risk for Sampoerna stock.

Profit recovery and ownership deadlines

First-half net income reached IDR 4.2 trillion after rising 97.1 percent in the period.
First-half sales increased 2.4 percent to IDR 56.5 trillion.
Public ownership must reach 12.5 percent by March 2027 and 15 percent by March 2028.

Sampoerna, ID1000074008, Illustration mit AI erstellt.

Sampoerna's first-half net income rose 97.1 percent to IDR 4.2 trillion, while cigarette volume fell 1.3 percent to 38.8 billion units. Jawawa reported the figures on October 18, 2026, citing MNC Sekuritas analyst Catherine Florencia.

Profit rises as volume falls

Revenue reached IDR 56.5 trillion in the first half of 2026, up 2.4 percent from the same period a year earlier. Operating profit increased 26.7 percent to IDR 5.1 trillion, while market share declined from 30.5 percent to 29 percent, according to Investor ID.

MNC Sekuritas lowered its 2026 revenue forecast to IDR 114.5 trillion but raised its net income estimate to IDR 8 trillion, implying growth of 20.3 percent. The same analysis expects earnings growth of 2.4 percent in 2027 before a 13.4 percent decline in 2028, as reported by Jawawa.

What does volume mean for margins?

The earnings mix is improving faster than the underlying volume picture. Selling-price adjustments, a more profitable product mix and cost efficiencies supported the 97.1 percent net income increase, but cheaper products and illegal cigarettes continue to pressure demand, according to Kontan.

Three dates define the next risk

On October 9, 2026, foreign investors recorded net buying of IDR 4.23 billion, and on October 13, 2026, the figure reached IDR 6.44 billion, according to Kontan. On October 18, 2026, MNC Sekuritas highlighted the first-half profit recovery alongside falling volume and market share, as reported by Jawawa.

The ownership timetable is concrete: qualifying public ownership must rise from 7.6 percent to at least 12.5 percent by March 2027 and 15 percent by March 2028, according to Jawawa. That potential increase in share supply is the clearest counterweight to the improved profit figures.

IDX close highlights the risk

HMSP closed at IDR 610.00 on the IDX on October 16, 2026, after a reported 5.43 percent decline that day. The stock's 52-week range was IDR 580.00 to IDR 1,000.00, while market capitalization stood at IDR 71.0 trillion on the same date.