Indonesia Stock Exchange Queries TGUK Over 27,545% Revenue Surge

The Indonesia Stock Exchange (BEI) has requested an explanation from PT Platinum Wahab Nusantara Tbk (TGUK), the former operator of the Teguk beverage chain, after the company posted a revenue surge of approximately 27,545% in the first quarter of 2026. TGUK recorded sales of Rp200.7 billion as of 31 March 2026, a sharp increase from just Rp726 million in the same period the previous year. Management explained that the increase was primarily driven by the commencement of its frozen meat trading business line. The majority of frozen meat sales were conducted through a network of agents and distributors using a general trade scheme. This mechanism relies on purchase orders and price agreements at the time of transaction, meaning long-term cooperation contracts are generally not required. The company noted that this approach was chosen because frozen meat is a commodity whose price fluctuates with market conditions, necessitating pricing flexibility. Long-term contracts are typically applied for sales to modern trade networks, but TGUK has not yet partnered with modern trade. The company added that the sales increase in January-March 2026 was also supported by high demand for meat during the holy month of Ramadan and the Idulfitri holiday. This period represents the peak season for the meat trading industry, with demand from the public, food and beverage businesses, and distributors rising significantly compared to normal periods. To anticipate the surge in demand, TGUK stated it had prepared inventory and strengthened its distribution network to optimise sales during the period. The company assessed that the revenue increase in the first quarter of 2026 was also a result of seasonal factors common in the meat trading business ahead of Ramadan and Idulfitri. It was previously reported that in 2024, TGUK closed 126 outlets amid declining business performance. The company also recorded a write-off of raw material inventory worth Rp21.4 billion due to damaged and expired goods. Management explained that as of September 2024, the company held raw material inventory valued at Rp22.5 billion, but by 31 December 2024, the remaining inventory was just Rp1.1 billion. The company stated the write-off was caused by damaged and expired goods resulting from the business decline triggered by the outlet closures. As of December 2024, TGUK posted a loss of Rp81.27 billion, a reversal from a profit of Rp5.79 billion in December 2023.