If you open the annual report full from the 1990s, the story is monolithic: tobacco. For decades, Djarum was the king of kretek. While competitors focused on machine-rolled "white" cigarettes, Djarum doubled down on the handmade and machine-made kretek.
The report details the launch of Djarum Super in the 1980s—a brand that became a cultural icon. By the 2000s, the annual reports show a shift in strategy: international expansion. Facing domestic regulation and health warnings, Djarum re-engineered its product. They created Djarum Black, a clove cigarette wrapped in black paper, targeting the Western "edgy" smoker. In the U.S., where flavored cigarettes were banned in 2009, Djarum ingeniously rebranded its cigarettes as "little cigars." The annual report from that era shows a brilliant, if controversial, logistical pivot that kept billions of dollars flowing. djarum group annual report full
But the story warns of stagnation. The global anti-tobacco tide is rising. The Hartono brothers, reading the tea leaves decades ahead of competitors, began a secret second act. If you open the annual report full from
For the first time, the 2022 full report allocated 15 pages to "Sustainability." Why? Because European export laws are changing. Djarum is shifting from "harmful" tobacco reporting to "positive" technology/banking reporting to soothe international bond investors. The "Real Estate" segment (PT Bukit Mulia) owns
The "Real Estate" segment (PT Bukit Mulia) owns the Grand Indonesia mall and Hotel Indonesia Kempinski. The annual report’s occupancy rate and rental renegotiation clauses are the best leading indicator for luxury retail spending in Jakarta.