Selling Tissue To Industrial Paper, Conglomerate-Owned Company Eka Tjipta Widjaja Raises Sales Of IDR 50.5 Trillion And Profit Of IDR 7.5 Trillion In 2021

Photo: Doc: Indah Kiat Pulp & Paper

JAKARTA - A paper company from the Sinarmas Group owned by conglomerate Eka Tjipta Widjaja, PT Indah Kiat Pulp and Paper Tbk (INKP) scored an increase in performance in 2021. The company's revenue and net profit were able to grow significantly last year.

In INKP's financial report, quoted on Tuesday, April 5, the company posted net sales of US$3.51 billion throughout 2021 or equivalent to Rp50.5 trillion. This sales achievement increased 17.75 percent from 2.98 billion US dollars in 2020.

The company's sales were mostly dominated by sales of industrial paper, tissue, and others worth 1.46 billion US dollars or reached 41.65 percent of total sales. Sales in this segment increased 28.76 percent compared to 2020 of 1.13 billion US dollars.

Next, the sales of pulp or paper pulp which reached 1.03 billion US dollars, or equivalent to 29.33 percent of the company's sales. Meanwhile, the company's cultural paper sales reached 1.02 billion US dollars, or 29.02 percent of total sales.

Indah Kiat scored a gross profit of 1.22 billion US dollars in 2021, an increase of 42.46 percent from 862 million US dollars in 2020. With this significant increase in performance, profit attributable to owners of the parent company rose to 79.25 percent. to 527 million US dollars or equivalent to Rp. 7.56 trillion.

Previously, the company recorded a net profit of 294.05 million US dollars in 2020. By the end of 2021, the Sinarmas group issuer recorded total assets of 8.97 billion US dollars, an increase from 8.49 billion US dollars at the end of 2020.

The company's total liabilities reached USD 4.21 billion as of December 31, 2021, a slight decrease from USD 4.24 billion on December 31, 2020. Meanwhile, Indah Kiat's total equity increased from USD 4.24 billion in 2020 to 4, 75 billion US dollars in 2021.