Members Of The House Of Representatives From The PAN Faction Call Indofarma Like A Cilok Company: Turnover Of Rp. 1.7 Trillion But Fortunately, Only Rp. 30 Million

One of Indofarma's pharmaceutical products. (Photo: Doc. Antara)

JAKARTA - Member of Commission VI DPR RI Daeng Muhammad said the State-Owned Enterprises (BUMN) engaged in the pharmaceutical sector, namely PT Indofarma Tbk performed like a cilok company. He said this when holding a working meeting with the Minister of SOEs Erick Thohir at the Senayan Parliament Complex, Jakarta.

“I'm sorry, why do I make the analogy of Indofarma like a cilok company? Because the turnover is Rp. 1.7 trillion, but the profit is Rp. 30 million,” he said Thursday, June 3.

Daeng added, this is really ironic in the midst of a great opportunity for pharmaceutical corporations to show off in the COVID-19 pandemic situation because the need for the health sector tends to increase.

“People say that they are still grateful for a profit of Rp. 30 million, but if the turnover is in the trillions, the current conditions are irrelevant. In fact, world pharmaceutical companies are able to take advantage of the current momentum," he said.

Furthermore, the legislator from the National Mandate Fraction (PAN) then asked Minister Erick to be able to boost the performance of national pharmaceutical companies and all other SOEs so that they can have a positive impact on the country.

“I asked the Minister to evaluate with clear targets. Also carry out managerial audits of our SOEs, whether they work with the applicable rules and SOPs," he said.

So, how is Indofarma's performance throughout 2020?

Based on the published financial reports, it is known that the business entity coded as INAF recorded a net profit of Rp27.58 million last year. The score fell almost 100 percent from the 2019 book of Rp.7.9 billion.

In fact, INAF is said to have succeeded in recording business revenues of Rp. 1.72 trillion in 2020, or an increase of 26.22 percent from 2019, which was Rp. 1.36 trillion.

The high sales figure last year was supported by drugs, medical devices, diagnostics and others worth Rp 849.73 billion. Then, ethical sales amounted to IDR 836.36 billion, and over the counter sales (non-prescription drugs) amounted to IDR 11.17 billion.

The sinking of INAF funds is known to be due to an increase in the allowance for impairment losses (CKPN) as well as an increase in income tax expense (PPh) which eroded the company's net profit that had been collected during the past year.