Pharmaceutical firm Kalbe Farma (KLBF) booked a net profit of Rp2.8 trillion in 2020, grew 12% year on year (y/y), thanks to lower selling expenses, profit share from associate entities, and other income. Sales rose 2.2% to Rp23.1 trillion, and gross profit was flat at Rp10.2 trillion. Higher net profit growth compared to net sales growth was mainly due to increased efficiency in operating costs and lower tax rates. 

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