Impack Pratama Earns IDR 1.43 Trillion In Revenue In Semester I 2024

JAKARTA - PT Impack Pratama Industri Tbk (IMPC) earned revenue of IDR 1.43 trillion in the first semester of 2024. Meanwhile, the company's net profit was recorded at IDR 267 billion until the middle of this year.

In the midst of a weakening global economy, accompanied by a long Eid holiday, the IMCC was still able to score revenue growth in the second quarter of 2024 of 6.8% year-over-year to Rp690 billion, and boosted net profit in the second quarter of 24 to Rp118 billion or the equivalent of growth of 28.6 percent year-over-year.

President Director of PT Impack Pratama Industri Tbk, Haryanto Tjiptodihardjo, revealed that in welcoming the second semester, the company considered the biggest challenge faced was a decrease in the weakening of the Rupiah exchange rate against US Dollars and consumer purchasing power.

Buying goods for consumers is a factor that we cannot control. However, Impack always diversifies products through innovative products at affordable prices, "explained Haryanto, in Jakarta, in a written statement, Wednesday, July 31.

Late last June, the Company completed its acquisition of Mulford Holdings Pty Ltd (Mulford Holdings), a well-known signage distributor, plastic sheet, and fabrication company in Australia and New Zealand.

Through this acquisition, the Company is expected to pocket an additional revenue of IDR 400 billion for this fiscal year.

The Company's management is committed to increasing the operational efficiency of Mulford Holdings for the next five years.

Through the synergy achieved, Management also believes that it can increase the Company's net profit growth for the next five years, as well as export foreign exchange to Australia and New Zealand.

Just so you know, the company recorded revenue of IDR 1.43 trillion in the first semester of 2024, growing 3.2 percent from revenue in the first semester of 2023 which was valued at IDR 1.39 trillion. Meanwhile, revenue in the second quarter of 24 increased 6.8 percent to IDR 690 billion from IDR 646 billion last year.

Meanwhile, the Company's gross profit grew 5.7 percent from Rp562 billion in the first semester of 2023 to Rp594 billion in the first semester of 2024. The gross profit margin increased from 40.4 percent in the first semester of 2023 to 41.4 percent in the first semester of 2024.

This increase in gross profit margin is supported by decreased raw material prices and increased operational efficiency.

Meanwhile, operating profit reached Rp361 billion, an increase of 11.3 percent YoY from the previous year's equivalent period of Rp325 billion. The business profit margin also grew from 23.4 percent to 25.2 percent.

In the second quarter of 2024, the Company recorded a net profit of IDR 118 billion, an increase of 28.6% from a net profit in the second quarter of 2023 of IDR 92 billion.

The company also recorded a net profit growth of 25.4 percent YoY from IDR 213 billion in six 2023 to IDR 267 billion in the first semester of 2024. In line with the increase in the Gross Profit Margin, the Company's 1H24 net profit margin increased from last year which was 15.3% to 18.6 percent.

The company posted consistent EBITDA growth in 1H24 worth IDR 420 billion, up 10.3 percent YoY from 1H23 which was valued at IDR 380 billion. The EBITDA margin also rose from 27.4 percent to 29.3 percent.

The ratio of EBITDA to the company's interest expense has increased from 23.6x at 1H23 to 26.9x at 1H24. Meanwhile, there was an increase in the ratio of the Company's Debt to EBITDA from 1.5x at 1H23 to 2.8x, most of which was caused by acquisition funding.