Garudafood Owned By Conglomerate Sudhamek Agoeng Waspodo Gets IDR 1 Trillion Credit From BTPN

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JAKARTA - The processed food company owned by the Sudhamek Agoeng Waspodo conglomerate, PT Garudafood Putra Putri Jaya Tbk (GOOD) won a credit facility of Rp. 1 trillion from PT Bank BTPN Tbk (BTPN).

Garudafood Corporate Secretary I Made Astawa said that the signing of the credit facility agreement from BTPN to GOOD took place on June 6, 2022.

"The purpose of the credit is to refinance all of the company's existing syndicated loans and to finance GOOD's capital expenditure in 2021 and 2022," he said in an information disclosure on the Indonesia Stock Exchange, quoted Thursday, June 9.

The term of the credit facility is 60 months or 5 years from the date of signing the credit agreement. According to him, the credit facility will directly support Garudafood's business development.

Meanwhile, this material transaction is not an affiliated transaction as defined in OJK Regulation no.42/POJK.04/2002 concerning affiliated transactions and conflict of interest transactions.

For information, Garudafood earned sales of IDR 2.77 trillion during the first quarter of 2022, up 22.2 percent YoY compared to the first quarter of 2021 of IDR 2.27 trillion. However, Garudafood's net profit has decreased due to the rising cost of production components.

Garudafood's sales growth was supported by the food category which contributed 88.8 percent of the total sales portion and increased by 22 percent YoY from Rp2.02 trillion to Rp2.46 trillion.

Meanwhile, the beverage category increased 23.3 percent YoY to Rp310.30 billion in the first quarter of 2022. GOOD's domestic sales increased by 22.4 percent YoY, from Rp2.16 trillion to Rp2.65 trillion. Sales in the export market reached Rp122.18 billion, 17.4 percent higher than the same period in the previous year.

"Sales in the first quarter of this year were much better than the previous year. This is supported by the increasingly recovery of the Indonesian economy due to the government's better handling of Covid-19 so that people's mobility also increases," said Director of Garudafood Paulus Tedjosutikno.

Despite the increase in sales, Garudafood's net profit attributable to owners of the parent company decreased by 24 percent YoY, from Rp122.73 billion in the first quarter of 2021 to Rp93.67 billion.