Paper Company Owned By Conglomerate Eka Tjipta Widjaja Earns Sales Of IDR 35.6 Trillion And Profit Of IDR 5.55 Trillion In The Third Quarter Of 2021

Illustration. (Photo: Doc. Sinar Mas)

JAKARTA - Sinarmas Group's paper producer PT Indah Kiat Pulp & Paper Tbk (INKP) recorded performance growth during the January-September 2021 period. The company's revenue and profit belonging to the late conglomerate Eka Tjipta Widjaja increased significantly in the third quarter of this year.

In INKP's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Tuesday, November 16, the company posted net sales of US$2.5 billion or equivalent to Rp. 35.6 trillion (Jisdor exchange rate on Monday, November 15, 2021, Rp. ) until the third quarter of 2021. This sales increased 14.38 percent from 2.19 billion US dollars compared to the same period last year.

Almost all of the company's sales segments experienced sales growth. Sales of the pulp segment of the issuer codenamed INKP rose 0.11 percent to US$658.4 million, from US$657.7 million on an annual basis.

Then, sales of the company's cultural paper segment also increased by 5.79 percent from US$698.3 million in the third quarter of 2020, to US$738.7 million in the third quarter of 2021. Similarly, sales in the industrial paper, tissue, and other segments other INKP which increased significantly to 1.06 billion US dollars, from 835.7 million US dollars on an annual basis or year on year (yoy).

The company's increased sales also increased INKP's cost of goods sold by 7 percent to 1.64 billion US dollars, from 1.54 billion US dollars yoy. The company also recorded a gross profit of 857.3 million US dollars, an increase of 31.87 percent from 650.1 million US dollars.

INKP also recorded growth in net profit attributable to owners of the parent entity of US$390.8 million or around Rp5.55 trillion, up 35.97 percent from US$287.4 million on an annual basis.

Until the third quarter of 2021, Indah Kiat Pulp & Paper's total assets grew 1.44 percent to 8.6 billion US dollars, from 8.4 billion US dollars at the end of 2020. The company's total liabilities decreased from 4.24 billion US dollars at the end of 2020. December 2020, to US$3.9 billion at the end of September 2021.

The company's total equity rose to 4.62 billion US dollars as of 30 September 2021, from 4.24 billion US dollars as of 31 December 2020.