Being Hit By The Used Antigen Rapid Test Case, How Is The Kimia Farma Business Going During The Pandemic?

Kimia Farma Building. (Photo: Doc. Kimia Farma)

JAKARTA - The pharmaceutical company, PT Kimia Farma Tbk (KAEF) is being hit by an uncomfortable situation. The reason is, Kimia Farma officers on duty at Kualanamu Airport were caught using used COVID-19 rapid antigen test kits.

Kimia Farma stated that they had fired the perpetrators. In terms of performance, maybe this incident did not really affect this state-owned pharmaceutical company, but what is worrying is of course the problem of trust.

So how is Kimia Farma's performance, especially during the COVID-19 pandemic in 2020?

Kimia Farma scored positive financial performance results throughout 2020. It was recorded that KAEF's net sales increased 6.38 percent (year on year/yoy) to IDR 10 trillion in 2020. In 2019, KAEF posted net sales of IDR 9.40 trillion.

Kimia Farma obtained sales of the entity's production amounting to IDR 3.65 trillion last year. This figure consists of sales of generic drugs of IDR 2 trillion, ethical drugs, licenses, and narcotics of IDR 697.82 billion, over the counter (OTC) drugs and cosmetics of IDR 592.34 billion, raw materials of IDR 311 billion, and birth control pills health, and others IDR 49.05 billion.

Meanwhile, KAEF sales from third-party production amounted to IDR 6.34 trillion last year. This value consists of sales of ethical drugs of IDR 2.52 trillion, OTC drugs of IDR 1.54 trillion, medical devices, clinical services, clinical laboratories, etc. IDR 1.69 trillion, and generic drugs of IDR 584.04 billion.

KAEF recorded a cost of goods sold of IDR 6.34 trillion in 2020, an increase of 7.64 percent (yoy) compared to the realization in 2019 of IDR 5.89 trillion.

KAEF's operating expenses increased by 3.42 percent (yoy) from IDR 3.21 trillion in 2019 to IDR 3.32 trillion in 2020. The company also experienced an increase in other revenues of 53.37 percent (yoy) from IDR 215.28 billion. in 2019 to IDR 330.18 billion in 2020.

Kimia Farma's foreign exchange loss increased by 63.96 percent (yoy) from IDR 5.05 billion in 2019 to IDR 8.28 billion in 2020. Apart from that, KAEF was able to earn a net profit of IDR 17.63 billion in 2020, inversely proportional to 2019 when the company experienced a net loss of IDR 12.72 billion.

At the end of 2020, KAEF had total assets worth IDR 17.56 trillion or a decrease of 4.30 percent (yoy) compared to the company's total assets in the previous year of IDR 18.35 trillion. KAEF has total liabilities of IDR 10.45 trillion in 2020 while the company's equity is IDR 7.10 trillion.

Dividend Distribution

Kimia Farma will distribute dividends as much as 40 percent of the total net profit in 2020 or IDR 7.05 billion. Director of General Affairs and Human Capital Dharma Syahputra said that the company's shareholders had agreed to determine the use of net profit attributable to the owner of the parent entity for the 2020 financial year amounting to IDR 17.63 billion.

"The dividend distribution is 40 percent and the remaining 60 percent is for reserves", he explained.

Kimia Farma distributes dividends amounting to 40 percent of net profit or IDR 7.05 billion. The remaining 60 percent of IDR 10.58 billion was designated as reserve profits.