This Company Owned By Conglomerate Mochtar Riady Successfully Raised A Profit Of Rp156.09 Billion From The Previous Loss Of Rp503.58 Billion

Illustration. (Photo: Doc. Antara)

JAKARTA - The company from the Lippo Group owned by conglomerate Mochtar Riady, PT Multipolar Tbk was able to turn losses into profits in the third quarter of 2021.

In Multipolar's financial report, quoted on Monday, December 20, the issuer with the stock code MLPL posted net sales of Rp7.42 trillion. This achievement decreased by 2.07 percent compared to the same period last year of Rp7.57 trillion.

However, the decrease in the number of expenses was observed to lift the bottom line position of this Lippo Group issuer. MLPL posted a profit for the period attributable to owners of the parent company of Rp156.09 billion or a contrast to the previous loss of Rp503.58 billion.

In terms of revenue contribution, retail and distribution sales decreased by 2.55 percent on an annual basis to Rp5.16 trillion. Meanwhile, information technology revenues rose 5.54 percent on an annual basis to Rp 1.90 trillion.

MLPL's total assets at the end of the third quarter of 2021 amounted to Rp15.73 trillion, up 0.33 percent from the position at the end of last year of Rp15.68 trillion. Equity grew 19.18 percent year-to-date to Rp4.72 trillion and liabilities decreased 6.04 percent ytd to Rp11.01 trillion.

Previously, PT Multipolar Tbk announced a joint venture (JV) with two global technology companies. President Director and CEO of Multipolar Adrian Suherman said Multipolar's first JV was done with Ping An.

The JV between the two companies was carried out by forming a lending company with the name Lightweight.

"Our JV has obtained a permit from the Financial Services Authority (OJK) and is allowed to operate in Indonesia," said Adrian some time ago.

He continued, Light does not only provide funding in consumer loans, but also in productive loans. Meanwhile, the second JV is with Luno, a crypto trading platform. The company together with Luno will establish cryptocurrency wallets and exchanges in Indonesia.

Multipolar alone has invested in more than 50 technology companies. Some of these companies have become leaders in their respective industries.