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Jofie Yordan · · 4 min readKopi Kenangan builds on 2024 gains, expects net profit in 2025
In 2025, Indonesia-based coffee chain Kopi Kenangan ramped up its global expansion, entering markets like India and Australia. Behind the scenes, the firm’s improved financials have powered this growth.
In 2024, it recorded a 24% year-on-year increase in net revenue to US$119 million, the firm’s latest audited financial statement shows.
Revenue growth was driven by a combination of new store openings and an uptick in sales of over 10% from existing stores in Indonesia, a company spokesperson tells Tech in Asia. In 2024, the coffee chain opened more than 180 branches across Indonesia, Malaysia, and Singapore, and also entered the Philippines.
However, sales discounts and returns jumped 74% to US$14.2 million in that period. This was equivalent to 11% of gross revenue and suggests a heavier reliance on promotions, loyalty incentives, or price competition to drive growth. The company declined to comment on its pricing and discount strategy.
The battle between Indonesia’s coffee chains is heated. In the country, Kopi Kenangan is competing with players such as Janji Jiwa, Fore Coffee, Tomoro Coffee, Starbucks, Indomaret Group’s Point Coffee, and other local brands.
Unlike Kopi Kenangan, which has expanded overseas, rival Fore Coffee remains focused on its domestic market. It recorded net revenue of US$61.6 million in 2024 with a profit before tax of US$3.1 million.
While Kopi Kenangan’s financial results for 2025 have yet to be finalized, the spokesperson says it expects full-year net revenue to rise by more than 40% year on year to US$180 million.
Much of that is due to the opening of more than 300 new stores last year. Its branches in Indonesia also recorded a 15% boost in sales overall in 2025, higher than in 2024.
In October, the company projected a US$200 million annualised revenue run rate based on its Q3 performance. The spokesperson explains that full-year revenue for 2025 is expected to be lower than its projected numbers for run rate due to seasonally lower customer spend in Q1 and store openings throughout the year.
Losses narrow
Despite the increase in discounts, Kopi Kenangan’s losses shrunk. Loss before income tax fell 74% from US$18 million in 2023 to US$4.7 million in 2024.
Total expenses did rise by 8% during the year. Cost lines were still dominated by line items such as the cost of materials, which rose 19% year on year.
Net profit expected in 2025
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Better cost management, higher productivity, and more targeted marketing spend led to a 24% revenue increase in 2024, while losses narrowed by 74%.
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