Ahead Of His Move To Kemenkumham, Silmy Karim Bawa Krakatau Steel Achieves A Net Profit Of IDR 1.25 Trillion

Logo Krakatau Steel. (Photo: Doc. Antara)

JAKARTA - PT Krakatau Steel (Persero) Tbk (KRAS) earned a profit of US$80.3 million or equivalent to Rp1.25 trillion in nine months this year. This achievement increased by 134 percent from the profit for the same period in 2021 which amounted to US$59.5 million.

This achievement will be a sweet gift for Krakatau Steel, which will be left by the President Director of Silmy Karim. Silmy will leave the position of President Director of Krakatau Steel to become Director General of Immigration at the Ministry of Law and Human Rights.

"This result is certainly part of the performance obtained after the restructuring and transformation. We are still doing that and we hope that Krakatau Steel's performance will improve," said Silmy at the Krakatau Steel Public Expose in Jakarta, Friday, December 30.

President Director of Krakatau Steel Silmy Karim said this achievement could not be separated from the company's revenue of US $ 1.8 billion, an increase of 14.5 percent from last year's US $ 1.6 billion.

"Income gain has increased due to an increase in sales volume and composite hot rolled coil (HRC) and cold rolling mill (CRM) prices," Silmy added.

The contribution to the increase in sales volume was recorded at 6.9 percent and the increase in composite selling prices by 22.8 percent from 741 US dollars per ton to 910 US dollars per ton.

Revenue of income was also contributed by an increase in production from 1.44 million tons to 1.5 million tons and sales rose from 1.4 million tons to 1.49 million tons.

Even so, the EBITDA of Krakatau Steel fell to 113.4 million US dollars compared to the September 2021 period which amounted to 116 million US dollars. This note is in line with the negative EBITDA contribution from two of its subsidiaries, namely PT Meratus Jaya Iron & Steel (MJIS) and PT Krakatau Engineering (KE) of 4.2 million US dollars.

Meanwhile, equity recorded an increase from 522 million US dollars in December 2021 to 560 million US dollars in September 2022.