Pandemic 'Blessing', Itama Ranoraya Syringe Distributor Receives 853 Percent Profits In The 1st Quarter Of 2021

JAKARTA - The syringe distributor, PT Itama Ranoraya Tbk (IRRA), was like a blessing during the COVID-19 pandemic. Itama Ranoraya recorded a very significant increase in net profit and income in the first quarter of 2021.

Quoted from Itama Ranoraya's financial report published on the Indonesia Stock Exchange's information disclosure page, Tuesday, April 20, it was stated that in the first quarter of 2021, the company posted an increase in net profit of 853.6 percent to IDR 20.91 billion compared to the net profit in the first quarter of 2020 which only IDR 2.2 billion.

The jump in profit came from the company's revenue in the first quarter of 2020, which was recorded at IDR 228.17 billion. That figure grew by 754.1 percent compared to income in the same period last year amounting to IDR 26.71 billion.

Meanwhile, the company's total assets increased to IDR 728.74 billion, an increase of 142.8 percent from the same quarter last year. The total liabilities increased to IDR 465.55 billion, up 546.8 percent compared to the second quarter of 2020 with total equity reaching IDR 263.19 billion, up 15.4 percent compared to the position in the same quarter last year.

The revenue that was achieved from the in vitro medical device segment was recorded at IDR 226.07 billion, an increase of 753.9 percent compared to the achievement of the same period last year. The swab antigen test product is the top contributor to the largest revenue contributor in the in vitro medical device segment.

President Director Itama Ranoraya Heru Firdausi Syarif said the company's achievements in the first quarter of 2021 were by the target set. In 2021, Itama Ranoraya targets to be able to record 80 percent-100 percent growth for both revenue and net profit.

"In the first three months of this year we have realized 20 to 22 percent of the revenue target for 2021, we are grateful for this achievement. We are optimistic that this year we can reach the target again," he said.

In addition to swab antigen test products, blood plasma machines, and Auto Disable Syringe products, the issuer with the code name IRRA began selling a new product, Avimac, which is an immunomodulator product to increase body immunity in the second quarter of 2021.

This year, Itama Ranoraya will market Avimac immunomodulator products to increase the body's immunity with an initial stage, targeted at 100,000-200,000 bottles. Products that were originally planned to start production in the first quarter of 2021 will begin to be marketed in the second quarter of 2021.

Avimac is a high immunomodulator product from the Australian company 98 Alive which is led by Prof. Max Reynolds and is registered with Therapeutic Goods Administration Australia and has a distribution license from BPOM (National Food and Drugs Agency) branded Avimac.

The production process is carried out by PT Indofarma Tbk which is also the owner of the distribution permit, for raw materials coming from PT Neumedik Indonesia (Affiliated Company), while IRRA becomes the Sole Distributor. This year, in addition to the target realization agenda, the company has a big agenda in the form of business transformation that will enlarge the company's role in the Healthcare industry as Manufacturing, Clinical Laboratory, and eHealth Services.