Mark Dynamics Maintains Solid Performance Amid Trade War Risks
Key Takeaways
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JAKARTA, Investortrust.id — Mark Dynamics Indonesia Tbk, or MARK, the world’s largest porcelain glove mold manufacturer, has posted impressive results in the face of growing global uncertainty over potential U.S. import tariffs.
In the first half of 2025, the company remained upbeat despite the possibility of new protectionist measures from U.S. President Donald Trump. Instead, MARK doubled down on its commitment to shareholders, declaring a cash dividend payout of Rp 70 per share, equal to 93% of its 2024 net profit. Based on the stock’s closing price on Friday, May 16 at Rp 815, this translates to a dividend yield of 8.6%.
“This dividend distribution reflects our commitment to long-term value creation for shareholders while strengthening our export-driven fundamentals,” said Mark Dynamics CEO Ridwan Goh in an official statement.
MARK’s net profit soared 83.7% year-on-year to Rp 286.5 billion in 2024, surpassing its Rp 250 billion target. Revenue also jumped 62.7% to Rp 910 billion, with exports accounting for 83% of total sales.
Export Momentum Amid Global Shifts
The company's export performance continued to climb, reaching Rp 756 billion in 2024—up 74% from the previous year. Malaysia remained its largest market, contributing 48% of exports, followed by Thailand (24%), China (13.5%), and Vietnam (10.6%).
According to Chief Financial Official Budi Muharsyah, global demand for glove molds has proven resilient, supported by a post-pandemic rebound in the healthcare sector. Trade tensions between the U.S. and China have also redirected supply chains, providing an opening for Indonesian-made products that are not subject to steep U.S. tariffs.
Efficiency Lifts Margins
A significant jump in plant utilization—from 40% to 66%—helped MARK drive down production costs and lift net profit margins from 27% in 2023 to 31% in 2024. Operating efficiency was the cornerstone of this margin expansion.
The company’s healthy financial footing adds to its resilience. Its debt-to-equity ratio stood at a low 0.22x, and cash reserves rose to Rp 144.9 billion as of March 2025. This gives MARK ample room to expand without increasing debt.
While first-quarter 2025 net profit dipped slightly by 2.78% to Rp 70 billion, the firm maintained a robust gross margin of around 52%. The decline was attributed to a natural adjustment following a surge in export orders last year.
“Normalization in demand is to be expected. What matters is that the company remains efficient and cash-flow positive,” said one market analyst, noting that MARK’s competitive pricing and cost management continue to set it apart.
Stock Outlook: Growth Meets Income
MARK plans to distribute a final dividend of Rp 30 per share on June 19, 2025, following two interim dividends of Rp 20 per share issued in September and December 2024. The total cash dividend for fiscal year 2024 amounts to Rp 266 billion.
With a strong dividend yield and dominant market share, MARK shares remain attractive to both income-focused and growth-oriented investors. Its planned expansion into Southeast Asia and rising healthcare product demand in developing countries offer additional upside.
Amid global volatility and the specter of new tariffs, MARK stands out as a rare example of an export-driven manufacturer thriving on operational excellence and geopolitical positioning. Its inclusion as a nominee in the Investortrust Award 2025 for “The Best Investortrust Companies” further underscores its reputation for delivering consistent shareholder value.