Moratelindo, Smartfren Subsidiary Of Sinar Mas Group Owned By Conglomerate Eka Tjipta Widjaja Raises Revenue Of IDR 2.15 Trillion In Semester I 2022

Photo: Doc. Moratelindo

JAKARTA - Smartfren's business entity, PT Mora Telematika Indonesia Tbk (MORA) or Moratelindo posted revenues of IDR 2.15 trillion in the first semester of 2022. The gain of the Sinar Mas group company belonging to conglomerate Eka Tjipta Widjaja was 3.86 percent higher than the same period last year at IDR 2.07 trillion.

In MORA's financial report, quoted Monday, August 15, the company posted a 5.8 percent decrease in direct costs to IDR 755.16 billion in the first semester of 2022. In fact, in the same period last year, the company's direct costs amounted to IDR 802.28 billion.

As a result, MORA's gross profit increased to IDR 1.39 trillion in the first semester of 2022. In the first semester of 2021, its gross profit reached IDR 1.27 trillion.

Meanwhile, operating expenses in the first half of this year were IDR 508.48 billion, bringing the operating profit to IDR 882.74 billion. In the first semester of 2021, the company's operating profit was worth IDR 813.27 billion.

The company's profit for the year in the first six months of this year was IDR 400.46 billion, an increase from the same period in 2021 of IDR 348.61 billion.

Meanwhile, profit for the year attributable to owners of the parent entity was IDR 354 billion in the first semester of 2022, an increase of 17.8 percent compared to the first semester of 2021 of IDR 300.49 billion.

As is known, Moratelindo has just held an initial listing on Monday, August 8 last week.

Previously, the company conducted an initial public offering (IPO) at a price of IDR 396 per share.

From the entire IPO process, the company raised a total of more than IDR 1 trillion by releasing 2,525,464,300 ordinary shares on behalf of which are new shares issued from the company's portfolio or as much as 10.68 percent of the total issued and fully paid capital in the company with nominal value of IDR 100 per share.