Financial Performance Successfully Grows In Quarter III, PT Menn Teknologi Indonesia Tbk Collaborates With Logistics Company From South Korea

Photo: Doc. PT Menn Teknologi Indonesia Tbk (MENN)

JAKARTA - PT Menn Teknologi Indonesia Tbk (MENN) managed to record positive financial performance during the third quarter of 2023. This can be seen from the increase in the company's revenue which grew by 42 percent from the same period last year, and net profit also grew by 35 percent compared to the same period last year.

Not only that, the company also managed to maintain the Deep Equity Ratio (DER) level in the third quarter of 2023. Where the company's total assets managed to increase by 229 percent to Rp43 billion, and liabilities decreased.

Director of Operations of PT Menn Teknologi Indonesia Tbk Edrick Pramana revealed that improving the company's financial performance until the 2023 III is inseparable from the condition of the Indonesian economy which is also starting to improve. In addition, the business strategy launched by management has been successfully implemented so that it has a positive impact on the company's financial performance.

"It is undeniable that at this time, Indonesia's economic condition is also starting to improve. Based on data from the Central Statistics Agency (BPS) in the second quarter of 2023, Indonesia's economic growth rate reached 5.17 percent (yoy) compared to the quarter-I which grew to 5.04 percent (yoy)", he said in a Webinar with the Win Rider Community through the Zoom application on Wednesday, October 11.

Meanwhile, along with the growth in financial performance until the third quarter of 2023, the company has also succeeded in signing a memorandum of understanding with the largest logistics company from South Korea, namely Kukbo Co, Ltd. The memorandum of understanding that has been established between the MenN and Kukbo is in the form of providing IT business solution services for businesses in the logistics and maritime sectors, and will participate in the relocation development project in the State Capital (IKN) of the Archipelago, East Kalimantan.

"The cooperation between MENN and Kukbo Co, Ltd. includes, among other things, providing IT business solutions services for the land and maritime logistics business, as well as building and operating logistics software and smart logistics systems in India. And, the two companies are working together to make this happen," he added.

It is hoped that this collaboration can reduce logistics costs in Indonesia. Where currently based on data from the Coordinating Ministry for Economic Affairs, national logistics costs reach 14.29 percent of Gross Domestic Product (GDP). This means that this figure is quite good below 15 percent. And the government targets that by 2045, logistics costs can reach 8 percent of GDP.