Indah Kiat Pulp &Paper, A Company Owned By Eka Tjipta Widjaja Conglomerate, Managed To Earn Rp41.72 Trillion In Revenue

Illustration. (Photo: Doc. Between)

JAKARTA - Sinar Mas Group's paper company, PT Indah Kiat Pulp & Paper Tbk (INKP) managed to record profit growth, despite corrected revenues in 2020.

Following from the company's financial report, Friday, April 9, Indah Kiat recorded revenues of USD2.98 billion or around Rp41.72 trillion in 2020. That value is down 7.35 percent from the realization of 2019 revenue worth USD3.22 billion.

Cost of goods sold decreased to 2.12 billion US dollar from the previous 2.35 billion US dollar. Gross profit in 2020 also reached 862.71 million US dollars, down from the previous year of 876.3 million US dollars.

Nevertheless, the company owned by the late conglomerate Eka Tjipta Widjaja managed to reduce other expenses and income tax burdens. Net profit in 2020 was recorded at USD294.04 million, up from USD274.39 million in 2019.

Meanwhile, net profit that can be distributed to owners of inkp parent entity reached 294.05 million US dollar. That value increased 7.17 percent from 2019 net profit of 274.37 million U.S. dollars.

Meanwhile, INKP's liabilities reached US$4.25 billion in 2020, with a short-term liabilities composition of US$1.92 billion and long-term liabilities of US$2.32 billion.

The company's equity stood at USD4.25 billion in 2020, up from US$4 billion a year earlier. Inkp's total assets also reached 8.49 billion US dollar, down slightly from the previous year of 8.5 billion US dollar.