Down 54.2 Percent, Indofarma's Revenue Is Only IDR 524 Billion In 2023

JAKARTA - The performance of PT Indofarma continues to decline from 2021 to 2023 both in revenue and profitability. Where in 2023, Indofarma recorded revenue of IDR 524 billion.

Bio Farma President Director Shadiq Akasya said that last year's Indofarma's revenue fell by 54.2 percent when compared to 2022 which was recorded at IDR 1.1 trillion.

"Income of IDR 524 billion decreased by 54.2 percent," he said in a meeting with Commission VI of the DPR, at the DPR Building, Jakarta, Wednesday, June 19.

Shadiq revealed that the income was dominated by domestic product sales of IDR 501 billion, for ethical products in IDR 311 billion, and an increase in export revenue in 2022 of IDR 22 billion.

"The role of Bio Farma as the parent to help Indofarma is improvement efforts, especially for operational funding," he said.

Meanwhile, continued Shadiq, the negative 2023 EBITDA of IDR 293 billion increased compared to the previous year's minus IDR 361 billion.

"This is due to a decrease in marketing and disbursement expenses in line with the decline in sales and the implementation of efficiency for various office operational costs," he said.

Meanwhile, continued Shadiq, Indofarma's net income decreased from IDR 428 billion to IDR 600 billion in 2023 due to a receivable of IDR 46 billion and a tax-related fee of approximately IDR 120 billion.

"Financial positions in 2022 are still adjusting to performance that has not improved, so the asset value becomes negative Rp615 billion. Total assets in 2023 will be Rp933 billion," he explained.

Currently, said Shadiq, Indofarma is also still undergoing the process of delaying debt payment obligations (PKPU).

"We need to emphasize that Indofarma is currently still in the PKPU process and the process for legal aspects is still running as it is now," he said.