Good afternoon, everyone. Thank you for taking the time to participate in today's call. We appreciate your continued interest in Avia and welcome you to our full-year 2024 earnings call. For your information, we uploaded the presentation materials to our website yesterday. The plan for today is to start with a quick presentation, followed by a one-hour Q&A session. If you have any questions during the presentation, please use the Q&A chat box, and we will answer them during the Q&A session. For those who cannot join us today, please note that the webcast of this event will be uploaded to our website not later than tomorrow. Thank you again for being here today. Allow me to start by introducing myself. My name is Andreas Timothy Hadikrisno . I'm the Head of Investor Relations at Avia and will be moderating this earnings call today.
Joining me on the call from Avia are Mr. Ruslan Tanoko , the Vice President Director of our company, followed by Mr. Robert Tanoko , the Operations and Development Director, and finally, Mr. Kurnia Hadi , the Finance Director. In 2024, Avian Brands achieved a total revenue of $471 million. During the year, the company registered a gross margin of 44.7%, an EBITDA margin of 27.2%, and a net profit margin of 22.3%. Supported by 124 wholly-owned DCs and 38 third-party DCs, the company maintains high-quality services to more than 58,000 retail outlets nationwide. This page presents an overview of the company's 2024 performance compared to last year. Demand in 2024 is heavily impacted by persistent economic challenges and societal issues that continue to exert pressure in spending. Despite these challenges, our team remains focused on the long-term growth initiatives.
We have a consistent strategy to gain market share and a stronger presence in the market. Avian Brands launched a total of 14 new products in 2024. Five of these products are certified by Green Label Singapore. We also expanded our position in the premium wall by launching two new products in this segment. The company consistently evaluates our product offerings to ensure customers receive the best-in-class products. We deliver continuous product and process innovation to support sustainable growth and drive greater value for customers. With our nationwide distribution network, we provide industry-leading service to support our customers. Through this distribution network, we have the capacity to facilitate over 15,000 daily deliveries and achieve a 91% success rate for one-day delivery services. We have a culture of continuous improvement that empowers us to optimize our supply chain and advance our delivery capabilities.
This enables the company to provide the highest level of service to customers with maximum efficiency. Avian Brands delivered a positive sales performance despite a very challenging macro environment. In Q4, consolidated sales increased by 11.5% compared to the same period last year. For the full year, consolidated sales were within our guided range, achieving 6.5% year-on-year growth. Throughout 2024, we recorded transactions from more than 58,000 retail outlets, marking an increase of over 1,700 retail outlets compared to last year. Through consistent distribution center expansion and product innovation, the company continues to grow its customer base. I will hand the call over to our Finance Director, Pak Hadi. Please go ahead, Pak.
Thank you, Pak Andreas, and good afternoon, everyone. I will now provide you with further financial details for 2024. The chart on the left presents our sales division by segment. The Architecture Solutions segment contributed 78% of total sales. The wall, wood and metal, and waterproofing remain the top three sales contributors within the segment, each recording positive growth during the year. On the other hand, traditional retail outlets accounted for 92% of total sales. Additionally, around 90% of sales are generated through our wholly-owned distribution center. In Q4, consolidated gross profit grew by 13.5% year-on-year, achieving a gross margin of 45.3%. For the full year, a slight decline in gross margin was driven by increased sales contribution from the Trading Goods segment and higher below-the-line marketing expenses. Regarding raw material prices, we observed fluctuations in Q3 and Q4, primarily driven by U.S. dollar and IDR exchange rate.
This led to an increase in some material prices during that period. Overall, raw material prices remained relatively stable throughout 2024. Looking ahead, the company is paying close attention to both domestic and global economic conditions that could impact raw material prices. Avian Brands has consistently demonstrated its ability to maintain healthy margins even amidst a challenging business environment. In Q4, both EBITDA and net profit margin improved year-on-year. For the full year, while margins softened due to the gross margin effect, our recorded EBITDA and net profit margin remained well aligned with our projected range. The Architecture Solutions segment achieved 11.3% year-on-year sales growth in Q4, supported by 8.5% volume growth during the quarter. For the full year, sales for the segment grew by 4.1% year-on-year, while volume growth was at 5%. Amidst the difficult conditions, we take the opportunity to accelerate investment in growth initiatives.
Our focus is centered on executing the sustainable growth strategy to boost market share gain. As the market improves, we are well positioned to capitalize. Throughout 2024, the Architecture Solutions segment recorded transactions from over 53,700 retail outlets, indicating an increase of more than 2,000 retail outlets compared to last year. We see ourselves as a trusted partner, delivering on all customer expectations and going beyond what is required. We place great value on relationships with all customers, striving to maintain long-term partnerships. As we continue to strengthen our market-leading position, customers will always be an integral part of our journey. Displayed on the right are images taken at the company's customer gathering event in 2024. These gatherings, conducted regularly throughout the year, reflect our unwavering commitment to fostering strong engagement with customers.
Throughout the year, the Trading Goods segment consistently achieved double-digit growth, supported by a more favorable competitive landscape. In Q4, the Trading Goods segment grew by 12.2% year-on-year. For the full year, this segment achieved a 16.1% growth compared to last year. During the year, the Trading Goods segment recorded transactions from over 49,600 retail outlets, representing around 85% of our total consolidated customers. Turning to our next slide, gross profit for the Architecture Solutions segment achieved 11.8% year-on-year growth in Q4, while a recorded gross margin of 52.3%. Over the full year, the slight decline in gross margin for this segment is attributable to higher below-the-line marketing expenses. The Trading Goods segment achieved a 21.3% gross margin for the full year 2024, supported by a robust sales performance. I will now pass to Pak Robert to continue the presentation.
Thank you, Pak Hadi, and good afternoon, everyone. This pitch highlights the company's well-managed cost structure for 2024. Operating expenses remain relatively stable throughout the year, with sales and marketing expenses hovering around 17%. Looking at the COGS breakdown, despite some fluctuations in raw material prices, total raw material costs declined in 2024 compared to last year. A greater proportion of work in process and finished goods is attributable to the increase in purchases during the year. In addition, the company increased its promotional activities in response to persistent economic challenges and intensifying competition, which led to higher PT Avia marketing expenses. By keeping a close watch on market trends, the company ensures cost-efficient promotional efforts that drive sales growth while maintaining healthy margins. Our financial positions remain robust, supported by strong cash flows and disciplined working capital management.
Throughout 2024, working capital was maintained at around 30% of total sales, reflecting operational stability. Capital expenditure for the year stood at 5.4% of total sales, with routine CapEx accounting for 3.7%. High routine CapEx was driven by the expansions of production facilities and upgrades to our existing factories to support the growing demand for water-based paint. For this year, routine CapEx is expected to normalize to around 2% of total sales. Avian Brands generated a healthy free cash flow equivalent to around 15% of total sales, reinforcing our ability to deliver value to shareholders. The company remains committed to a minimum 50% dividend payout ratio while actively exploring M&A opportunities. In November 2024, the company issued an interim dividend based on its net profit for the first nine months of the year.
The dividend amounted to IDR 672 billion, representing 57.9% of the total net profit for the nine-month period. The chart on the far right underscores our operational resilience, with over 90% of account receivables collected on time despite a sluggish economic climate. This achievement demonstrates the strength of our partnerships with retail outlets, which continue to prioritize Avian Brands in payment. The company introduced a share buyback program in December 2023. The chart on the slide represents our progress until December last year. As of 10 February this year, we have reached the maximum number of shares allowed for the program, utilizing around 68% of the total budget. At our AGM in April 2025, the company will seek shareholder approval for additional share buyback of IDR 1 trillion. The company's commitment to strengthening our ESG framework is evident across all segments of our operations.
This page outlines key progress and achievements in product stewardship alongside the environmental, social, and governance practices. Our efforts, including developing environmentally friendly solutions, minimizing waste and emissions, investing in people and communities, while maintaining transparency and accountability in all practices. During the AGM in April 2025, we will propose the appointment of Oscar Wezenbeek as a new independent commissioner. Over 34 years of experience in the paint industry at AkzoNobel, he has held key leadership roles, including managing director for decorative paints in South and Southeast Asia. Additionally, he also served as president of the Board of Commissioners at AkzoNobel Indonesia for around five years. With this extensive leadership experience, we believe he will bring valuable insights and further strengthen our governance practices. His proven track record in the paint industry will also contribute to reinforcing our leadership in the market.
The 2025 sales guidance reflects our expectations given the current market conditions. Should the demand environment prove to be stronger, we are well prepared to perform better than the guidance we are laying out today. As we move to 2025, the company holds a strong commitment to reinforcing all the strategic initiatives we launched in previous years. Our team is persistent, and we are working very hard to accelerate growth. With a clear focus on innovations, service excellence, and sustainable growth, we are determined to further solidify our position as the market leader in the national paint industry. For your information, our upcoming AGM in April 2025 will cover two important proposals: appointing a new independent commissioner and implementing an additional share buyback program. Further details on these proposals will be provided during the meeting.
The image on the right showcases the progress of our third factory in Cirebon, West Java. Currently, the construction prioritizes the production plants for water-based paints due to our existing capacity constraints. That concludes our 2024 presentation. Thank you very much for joining today's earnings call. I will now pass to Pak Andreas to moderate the Q&A session.