MITI's Profit Increases By 391 Percent In Semester I 2023

Photo: Doc. PT Mitra Investindo Tbk

JAKARTA - PT Mitra Investindo Tbk (MITI) managed to record revenue of Rp166.99 billion in the first semester of 2023. This figure increased 185 percent from the first semester of 2022 revenue of Rp58.61 billion. MITI's increasingly soaring performance throughout 2023 was a positive impact after the acquisition of PT Pelayaran Karana Line which was engaged in shipping and PT Karya Abdi Luhur, which was engaged in loading and unloading in December 2022, to complement the new MITI business in the shipping sector since the acquisition of PT Wasesa Line in early 2021. This increase in revenue was mainly supported by the loading and unloading sector (stevedoring) of Rp112.77 billion or almost 67 percent of all MITI revenues in the first semester of 2023," said MITI Finance Director, Ignatius Edy Suhardaya, in his statement, quoted Monday, July 31. In the consolidated financial report for the six-month period ending June 30, 2023, MITI was able to record an increase in gross profit of 276 percent to Rp62.54 billion compared to the same period in 2022 of Rp16.65 billion. The previous income tax increased by almost 434 percent to Rp38.68 billion, accelerating compared to the same period in 2022 which was only Rp7.25 billion. Meanwhile, the income tax burden in the period of June 2023 was Rp7.07 billion, a significant increase from Rp805 million in the same period in 2022.

As a result, the company, which was headed by Andreas Tjahjadi, was able to reap a profit in the first semester of 2023 amounting to Rp31.61 billion, a sharp increase of 391 percent from the position in the first semester of 2022 of Rp6.44 billion. The profit for the period attributable to owners of the parent entity amounted to Rp25.02 billion, while in the same period in 2022 it was Rp6.44 billion or an increase of 288 percent.

Basic earnings per share in the first semester of 2023 recorded an increase of IDR 7.07 from the previous period of IDR 2.64.

In order to diversify its business and sustainable growth in the future, on July 7, 2023, MITI together with Sany South Asia Ltd (SANY) and Gold Fortuna Ltd (EFL) signed a Memorandum of Understanding (MoU) to jointly explore opportunities for the New, environmentally friendly Solar Energy business. Through this Memorandum of Understanding, MITI, SANY and EFL, will explore the potential of the New Renewable Energy Business of Solar Power Plants (PLTS) or Solar Farm.

Along with MITI's increasing financial fundamentals since the first quarter of 2023 and its business development plan, the market provides a positive response that can be seen to MITI's stock price which closed higher to reach IDR 320 per share at the close of trading on July 28, 2023. The share price is the highest price so far this year.

For the record, since the beginning of 2023, the share price of MITI has recorded an increase of up to 83.91 percent at the close of trading on July 28, 2023.