Not Only Having 4 Permanent Employees, Issuer's Business Debt Increases 211 Percent

Photo: Special

JAKARTA - PT Platinum Wahab Indonesia Tbk (TGUK) or better known as Tumpuk Indonesia confirmed that it only has four permanent employees.

While the rest are contract employees to outsourcing.

In an information disclosure quoted on Tuesday, February 11, the Indonesia Stock Exchange (IDX) asked for an explanation of TGUK regarding this matter.

President Director of Tumpuk Indonesia Maulana Hakim said the four permanent employees included Supply Chain Manager, IT Manager, F&B Manager, and Ass Manager Bussines Development.

"The rest are contract employees," he said in an information disclosure quoted on Tuesday, February 11.

However, Maulana did not specify how many contract employees were until now.

However, the number of outsourced personnel reached 483 people.

Maulana explained that the company's financial report was carried out by Finance Manager and before being submitted to the IDX, it was checked and verified by the Audit Committee, Finance Director, and President Director.

In the future, Maulana said that the company is committed to increasing the number of employees.

"In the future, the company will increase the number of employees in accordance with the company's growth," he explained.

In addition to the very few number of employees, the Company posted a business debt of IDR 15 billion as of September 30, 2024 or a significant increase of 211 percent or IDR 10.2 billion compared to the previous period.

Maulana said that there was a very large online platform bill, this happened because the company cooperated with one of the online platforms to increase the company's sales but the results obtained were not proportional to the costs incurred.

"Currently, the company is restructuring debt to all vendors, and the company is targeting business debt problems to be completed by 2025," he explained.

Maulana conveyed that the obstacles faced in paying business debts were negative sales growth in many outlets affecting the company's cash flow and reducing the number of outlets affecting the company's cash flow.

In addition, TGUK also suffered a loss of IDR 20.1 billion as of September 2024. In fact, during the IPO, the company received fresh funds of IDR 117 billion and a profit of IDR 5.79 billion.

The company posted revenue of IDR 69 billion as of September 30, 2024 or a significant decrease of IDR 30 billion or 30 percent compared to the previous period.

Meanwhile, the Company posted a operating expenses of IDR 49 billion for September 30, 2024 or an increase of IDR 3.2 billion or 7 percent compared to the previous period.