Sky Energy Indonesia Optimistic 2024 Revenue Grows Up To IDR 150 Billion

JAKARTA - PT Sky Energy Indonesia Tbk (JSKY) is optimistic that revenue in 2024 will reach IDR 130 billion to IDR 150 billion, supported by sales of solar panel custom in the United States (US), Canada, and Japan.

President Director of PT Sky Energy Indonesia Jung Fan said the company will rely on the export market in spurring sales this year. Its main target market includes the United States (US), Canada, and Japan.

"With the current capacity of JSKY, we are optimistic that we can achieve revenue in the range of Rp130 billion-Rp150 billion," he said in his statement, Thursday, August 1.

According to Jung Fan, the contribution of export sales will contribute around 80 percent of JSKY's total sales this year. The rest is targeting the domestic market with a portion of around 20 percent.

Jung Fan conveyed the reason the company relies on the US, Canada and Japanese markets is because the volume of solar panel demand in the country continues to grow year by year based on management databases.

On the other hand, especially Japan, the demand for a customizable solar panel continues to grow. This need, according to Jung Fan, fits JSKY, which does serve the demand for custom solar panels.

Meanwhile, JSKY allocates funds for the development of specific products and working capital for increasing production volume and funding sources to rely on the company's internal cash. In addition, the company also plans to carry out several certifications.

"So, JSKY products can have the necessary specifications standards and get more trust from customers," he explained.

Jung Fan said that global economic developments continue to be faced with risks and uncertainty. As a result of the world's economic instability that occurs from the 2022 period to the first semester of 2024 is one of the challenges for the company's performance to move forward.

Jung Fan said that the world's economic instability is one of the causes of the severity of performance to move forward. In addition, the company also faces regulatory challenges regarding the renewable energy industry, especially solar panels that are still inconsistent and have not supported local market growth.

According to Jung Fan, fraud indications that occur in the period 2020 to 2021 add challenges for the company to be able to record positive trends.

"Indeed, the big change in the board of directors and management in October 2022 is a very tough challenge for us. However, regarding the alleged fraud, of course, we have reported it to the authorities to be resolved according to the applicable law," he said in his statement, Wednesday, July 31.

Jung Fan said that the mapping of the company's conditions had been carried out to formulate progress in the latest strategy, the recovery process after the decision to postpone Debt Payment Obligation (PKPU) in September 2023 was underway.

Despite facing a number of challenges, Jung Fan explained that until now the company is still producing and optimistic that the company's performance will soon bounce back.

"We continue to pursue our marketing targets both in the local market and in the global market. In addition, we also continue to strive for additional customers and at the same time maintain relations with existing customers," he said.

Jung Fan said that although this year there has indeed been a weakening of global market absorption, especially in the United States market which has occurred due to overstock and the influence of its national political climate.

According to Jung Fan, almost 90 percent of the energy demand in Indonesia is supplied from unrenewable sources. Therefore, there needs to be a transformation to immediately shift to renewable energy that is environmentally friendly and can be used to meet human needs.

So that the International Renewable Energy Agency (IRENA) estimates that 90 percent of the world's electricity will come from renewable energy sources by 2050.

Jung Fan said that after studying the latest regulations on the renewable energy industry, his party is optimistic that this will become a breath of fresh air and is expected to have a positive impact on the recovery and progress of the company.

"Referring to the results of the IRENA analysis, we are optimistic that we will be able to seize or create new markets both in local markets and global markets", he explained.