Emtek Owned By Conglomerate Eddy Kusnadi Sariaatmadja Earns 922.3 Percent Income Increase In Profit To Rp2.7 Trillion In Semester I 2022

Conglomerate Eddy Kusnadi Sariaatmadja. (Photo: Doc. Emtek)

JAKARTA - The company owned by conglomerate Eddy Kusnadi, PT Elang Mahkota Teknologi Tbk (EMTK) conglomerate issuer, aka Emtek, recorded an increase in performance until the first semester of 2022. The company's revenue and net profit grew significantly in the first six months of 2022.

In EMTK's financial report, quoted on Thursday 11 August, the company recorded an increase in revenue to Rp7.09 trillion until the first semester of 2022. This revenue increased 10.09 percent compared to the same period the previous year, from Rp6.44 trillion.

This revenue was supported by the sale of goods amounting to Rp2.87 trillion, advertising revenue Rp2.65 trillion, health and hospital services Rp869 billion, VSAT services, repairs, maintenance, and technical support Rp75.13 billion, and other income Rp622 billion.

Meanwhile, the company's cost of revenue also increased 16.63 percent from Rp4.46 trillion in the first semester of 2021 to Rp5.2 trillion in the first semester of 2022. The increase in the cost of revenue made EMTK's gross profit decreased 4.68 percent to Rp1, 88 trillion, from Rp1.97 trillion on an annual basis.

Despite the decline in gross profit, EMTK was recorded still able to record a net profit which increased 922.3 percent to Rp2.7 trillion, from Rp264.5 billion on an annual basis. The increase in EMTK's net profit was driven by the share of profits from associates of Rp.2.04 trillion in the first semester of 2022, from a loss of Rp.444 billion in the same period the previous year.

Previously, Director of EMTK Sutiana Ali explained, the significant increase in EMTK's net profit was in line with the increase in other income, especially contributed by investments in associates. One of them is Bukalapak, where Emtek invested IDR 3.6 trillion in the first quarter of 2022.

As for the end of June 2022, EMTK recorded an increase in total assets to Rp43.8 trillion, from Rp38.16 trillion compared to the end of December 2021. Likewise, total liabilities increased to Rp4.8 trillion in the first semester of 2022, from Rp4.49 trillion in end of 2021.

The company's total equity also increased from IDR 33.6 trillion at the end of December 2021 to IDR 39 trillion at the end of June 2022.