Saratoga Records A Net Asset Value Of IDR 48.9 Trillion In 2023

Saratoga Finance Director Lany D Wong (left) at the Saratoga Annual General Meeting of Shareholders (AGMS). (Photo: Doc. ANTARA)

JAKARTA - PT Saratoga Investama Sedaya Tbk. (SRTG) recorded a net asset value (NAV) of IDR 48.9 trillion throughout 2023. The NAV decreased 20 percent compared to 2022.

The turmoil in commodity prices throughout 2023 has had an impact on the share prices of Saratoga's main portfolio company, namely PT Adaro Energy Indonesia Tbk. (ADRO) and PT Merdeka Copper Gold Tbk. (MDKA). The fluctuation in stock prices also had an impact on NAV Saratoga at the end of last year," said SRTG Investment Director Devin Wirawan in a statement to the media, Tuesday, March 19.

Devin added that the company has also succeeded in optimizing the performance of its portfolio companies through dividend achievements and profitable divestment results.

This is reflected in Saratoga's dividend cash flow and divestment at the end of the year which reached the highest level of IDR 3.9 trillion.

Devin said that 2023 is an important momentum for Saratoga in carrying out its strategy as an investment company.

In addition to encouraging increased dividends in the midst of dynamic market conditions, Saratoga has also succeeded in divesting and monetizing a mature portfolio and producing maximum returns for the company.

"With these cash funds, we have a wide capacity to carry out various investment strategy initiatives, both in 2023 and in the years to come," said Devin.

With strong balance sheet support, in 2023 Saratoga has also implemented its investment strategy by increasing ownership in PT MGM

Devin believes that with its good fundamentals, portfolio companies such as ADRO and MDKA will be able to achieve sustainable and profitable business growth.

Moreover, the two companies are in the strategic sector, namely coal, gold, nickel and also commodity downstream businesses, which have a direct impact on the global and domestic economy.

Saratoga Finance Director, Lany D Wong, said that Saratoga succeeded in strengthening internal liquidity in 2023.

This can be seen from the decline in debt positions which also has an impact on reducing interest costs by 49 percent in 2023.

"This success is in line with the company's efforts to manage capital carefully in the midst of the still high world interest rate climate," he said.

Berdasarkan posisi 31 Desember 2023, Saratoga menurunkan utang bersih hingga 62 persen menjadi Rp 263 miliar, dibanding tahun sebelumnya sebesar Rp 688 miliar.

"We have also succeeded in keeping the cost ratio and debt at a healthy level. The operational costs for NAV are 0.5 percent and the loan to value is 0.4 percent from the previous 1.1 percent in 2022," said Lany.

Lany stated that this year Saratoga will continue to be active in carrying out its investment strategy.

This step is in line with Indonesia's projected economic growth which remains positive.

The end of the peaceful general election process in February is also a good asset for business actors to continue investing and developing their business.

"We will continue to focus on increasing investment in the economic sector which has made a major contribution to the Indonesian economy. One of the strategies is to strengthen investment in existing portfolios or add new portfolios that have good business growth prospects in the long term," concluded Lany.