Tjiwi Kimia, A Manufacturer Of ‘Sinar Dunia’ Notebooks Owned By Eka Tjipta Conglomerate Earned IDR 12.56 Trillion In Revenue In 2020

Tjiwi Chemical Products. (Photo: Special)

JAKARTA - PT Pabrik Kertas Tjiwi Kimia Tbk is under tremendous pressure throughout 2020 and has an effect on the performance of Sinar Mas group companies. The TKIM stock-coded company posted a decrease in revenue and net profit.

Quoted from Tjiwi Kimia's financial report, Tuesday, April 13, the company posted revenues worth 866.45 million or around IDR 12.56 trillion in 2020. The realization of the company's revenue owned by the late Eka Tjipta Widjaja conglomerate decreased 17.25 percent from the realization of net income in the period of 2019 which reached USD 1.04 billion.

If detailed, based on the type of goods, Tjiwi Kimia's revenue last year was dominated by sales of cultural paper worth USD 644.46 million (-28.82 percent YoY) and sales of industrial and other paper worth USD 221.99 million or up 56.7 percent YoY.

Nevertheless, some of the burdens of this paper company are tracked down. Cost of revenue, for example, decreased 20.5 percent from USD 939.95 million to USD 746.85 million. Operating expenses were also observed to fall slightly, from USD 80.95 million to USD 79.41 million.

However, this decrease in expenses did not necessarily withstand the decrease in Tjiwi Kimia's net profit. The Company recorded a net profit attributable to owners of the main entity of USD 148.33 million, a decrease of 13.31 percent from the 2019 net profit of USD 148.33 million.

As of December 31, 2020, Tjiwi Kimia's total assets reached USD 3.07 billion. Tjiwi Kimia's liabilities amounted to USD 1.56 billion and equity was USD 1.51 billion.

Tjiwi Kimia's cash equivalent position amounted to USD 159.13 million. This position decreased from the cash equivalent position in 2019 of USD 180.13 million.