PT Indofood CBP Sukses Makmur Tbk — Cyborg Score 7/10
Solid
Consumer Packaged Goods - Food & Beverages
Strategic Profile
ICBP provides everyday food and beverage solutions for consumers of all ages across market segments with more than 30 leading product brands, many enjoying significant market shares in Indonesia backed by decades of deep consumer trust and loyalty. The company operates more than 20 manufacturing facilities in Malaysia, the Middle East, Africa and Southeastern Europe serving overseas markets and exports products to more than 100 countries globally, making ICBP one of the largest instant noodle producers in the world.
Cyborg Score Rationale
ICBP maintains market leadership with 70% domestic noodles share and iconic global brands, but faces headwinds from soft consumer purchasing power and commodity cost pressures. Recent H1 2025 results showed 2% sales growth with 5% operating profit decline, though earnings growth was supported by prior-year impairment reversals.
Top Insights
Indomie ranked in Kantar's 'Top Three Most Chosen Food Brands in the World' for six consecutive years
Domestic noodles market dominance of ~70% provides significant competitive moat
H1 2025 consolidated net sales grew 2% to Rp37.60 trillion despite challenging macroeconomic environment
Enhanced innovation pipeline with 50+ new SKUs launched in 9M25 supporting future volume growth
Named Competitors
Maggi — Global noodles and food seasoning products
Chitato — Snack foods competitor (now owned by ICBP)
Indomilk — Core dairy product brand
Recent Developments
(July 2025) H1 2025 results: Net sales +2% YoY to Rp37.60 trillion; operating income -5% YoY to Rp8.48 trillion
(2025) Over 50 new SKUs launched in 9M25 as part of product innovation strategy
(2021) Acquired all shares of PT Indofood Fritolay Makmur from PepsiCo affiliate for IDR 494 billion to eliminate competing snack brands in Indonesia
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