The Company Owned By Conglomerate Hary Tanoesoedibjo Earns IDR 7.48 Trillion In Revenue In 2020

Conglomerate Hary Tanoesoedibjo. (Photo: Doc. Between)

JAKARTA - PT Media Nusantara Citra Tbk recorded a decrease in consolidated results of unaudited operating income in 2020. The MNCN stock-coded company recorded an operating income of IDR 7.95 trillion in full-year 2020, down 5 percent compared to the previous year of IDR 8.35 trillion in 2019.

Advertising revenue decreased by 7 percent throughout 2020 to IDR 7.48 trillion compared to IDR 8.06 trillion in the full year 2019. The decrease in advertising revenue stemmed from a 12 percent decrease in non-digital revenue from IDR 7.36 trillion in 2019 to IDR 6.51 trillion in 2020.

However, digital revenue posted strong growth of 40 percent to IDR 973 billion from IDR 697 billion in 2019. This is in line with the significant decrease seen in the total national advertising spending figures due to the pandemic which is expected to be in the range of 20 percent-30 percent by 2020.

The business revenue of MNCN-coded issuers derived from content was recorded at IDR 1.3 trillion in 2020, a decrease of 25 percent from IDR 1.74 trillion in 2019. This was due to a decrease in the volume of content produced for the 4 FTA TVs in the group.

In contrast, net content revenue coming from third parties (shown as net content revenue after elimination) increased significantly by 122 percent to IDR 387 billion in 2020 from IDR 174 billion in 2019.

MNCN's direct expenses in 2020 amounted to IDR 2.82 trillion, representing 0 percent of the same period last year. Similarly, general and administrative expenses for 2020 stood at IDR 1.8 trillion, which is also equivalent growth compared to 2019.

EBITDA for 2020 decreased by 10 percent to IDR 3.32 trillion from IDR 3.71 trillion compared to the previous year, representing a 42 percent EBITDA margin. In addition, the company's net profit was recorded at IDR 1.87 trillion compared to IDR 2.35 trillion in the same period in the previous year, with a net profit margin of 24 percent.

Excluding the value of forex adjustments, net profit was recorded at IDR 1.92 trillion in 2020 from IDR 2.24 trillion in the same period a year earlier, representing a 14 percent decrease with a net profit margin of 24 percent.

Executive Chairman of MNC Group, conglomerate Hary Tanoesoedibjo considered quite satisfied with the company's performance throughout 2020 despite the challenging macro situation, causing negative sentiment in businesses in all sectors globally.

"We have done well to address the situation caused by the pandemic over the last 12 months by consistently implementing our strategy to maintain overall performance", said the man familiarly called HT in his written statement, quoted Wednesday, May 12.