Indorama, Textile Company Owned By Sri Pakash Lohia Conglomerate Reaches IDR 12.6 Trillion In Revenue And IDR 1.21 Trillion In Profit In 2021

Photo: Doc. Indorama Synthetics

JAKARTA - The textile company belonging to the Sri Pakash Lohia conglomerate, PT Indorama Synthetics Tbk (INDR) posted a net profit of up to 84.5 million US dollars or equivalent to Rp. 1.21 trillion throughout 2021.

In an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted on Thursday, February 24, this profit achievement was driven by the company's net income of US$884.1 million in 2021 or equivalent to Rp12.6 trillion. The company's net income has skyrocketed 50 percent compared to 2020 which amounted to US$589 million.

INDR recorded exports worth USD 540.4 million during 2021, up 49.27 percent from USD 362 million year-on-year (yoy). Exports to Asia accounted for the most export revenue, worth US$333.46 million, followed by Europe US$ 108.3 million, North America US$68.46 million, South America US$28.8 million, and other regions. 67.6 million US dollars.

Meanwhile, the company's local sales also increased 50.27 percent from US$229.2 million to US$344.5 million. During 2021, the company also recorded an increase in cost of revenue by 35.38 percent to 754.3 million US dollars, from 557.2 million US dollars.

Despite the increase in cost of goods, the company was able to print a 307.65 percent increase in gross profit from US$31.8 million to US$129.7 million.

With this increase, the company's net profit also increased to 84.5 million US dollars or Rp 1.2 trillion in 2021, from 6.23 million US dollars in 2020. When converted, the company's profit reached Rp 1.21 trillion.

As for the end of 2021, the company recorded total assets of 905.4 million US dollars, up from the end of 2020 of 763.85 million US dollars. The assets are divided into current assets of USD 400.2 million and non-current assets of USD 505.2 million.

Meanwhile, the company's total liabilities also increased to 441.6 million US dollars at the end of December 2021, from 387.37 million US dollars at the end of December 2020. The company's total equity also increased to 463.8 million US dollars in 2021, from 376.4 million US dollars in 2020.