Mitra10 Owner's Profit Soars 195 Percent In First Quarter 2021, Targets To Have 50 Outlets In 2023

Partner Outlets10. (Photo: Doc. PT Catur Sentosa Adiprana Tbk)

JAKARTA - PT Catur Sentosa Adiprana Tbk (CSAP) posted a net profit surge of 195% in the first quarter of 2021, to IDR 64 billion compared to the same period in 2020, which was IDR 22 billion.

Corporate Secretary of PT Catur Sentosa Adiprana Tbk, Idrus Widjajakusuma said, this positive achievement was supported by the strong revenue growth of issuers engaged in the distribution (building materials, chemicals, & FMCG) and modern retail of building materials, home improvement, and home furnishing namely Mitra10 and Atria).

"In the first 3 months of 2021, CSAP posted consolidated revenues of IDR 3.5 trillion, a positive double-digit growth of 13 percent compared to the achievement of the same period last year, which was IDR 3.1 trillion", said Idrus in a statement received, Thursday, June 3.

The distribution segment (building materials, chemicals, and FMCG) in the first quarter of 2021 posted revenue of IDR 2.3 trillion, growing 16.6 percent compared to the first quarter of 2020, which was IDR 1.91 trillion. This segment accounts for 64 percent of CSAP's consolidated revenue.

The modern retail segment (building materials, home improvement & home furnishing) sourced from modern retail networks Mitra10 and Atria posted revenue of IDR 1.3 trillion, grew 6.4 percent compared to last year's achievement in the same period of IDR 1.2 trillion. This segment contributes 36 percent to the company's consolidated revenue.

"The modern retail segment has ample room to grow bigger considering the Indonesian population and its very wide coverage area, and has the potential to contribute to a larger profit margin than the distribution segment", explained Idrus.

Currently, CSAP has 42 Building Materials Distribution Branches in 40 major cities, 4 Chemical distribution branches, 38 consumer goods (FMCG) distribution areas, 38 Mitra10 Modern Retail Building Materials & Home Improvement outlets, and 12 Atria Retail Modern Home Furnishing outlets in cities-big cities in Indonesia.

"The company assesses that this growth cannot be separated from the improving condition of the Indonesian economy and the gradual recovery of community activities. Moreover, the government has started a vaccination program for the Indonesian people", said Idrus.

In addition to external factors, internally this growth cannot be separated from the consistency of management to continue to expand and adapt to the current situation and conditions as part of risk mitigation.

In the first three months of 2021, the cost of goods sold was recorded at IDR 2.77 trillion, compared to the first three months of 2020 IDR 2.47 trillion or grew 12.16 percent. So that the gross profit was recorded at IDR 579.72 billion, which grew 16.34 percent compared to last year's achievement of IDR 498.14 billion.

Then, other expense accounts in the first quarter of 2021 were recorded at IDR 2.82 billion, 65 percent lower than the same period last year IDR 8.18 billion. Meanwhile, other income accounts managed to grow 21.38 percent to IDR 36.39 billion at the end of March 2021, where last year it was recorded at IDR 29.83 billion.

As a result, profit before tax in the first quarter of 2021 was recorded at IDR 91.72 billion, significant growth of 222.83 percent compared to the achievement in the same period in 2020 of IDR 28.41 billion.

The strengthening of revenues and control over expenses made comprehensive net income attributable to the parent entity soared by 195 percent to IDR 63.8 billion compared to the same period last year of IDR 21.6 billion.

Regarding the Mitra10 network development target, the company targets to have 50 outlets in 2022-23. Thus, by the end of 2021, Mitra10 will have 42 store chains throughout Indonesia. The 8 new stores will be completed in the following years which was delayed due to the pandemic issue.

To support this plan, CSAP in 2021 has prepared a capital expenditure (capex) of IDR 500 billion, of which 80 percent of the capex is allocated to finance the expansion of Mitra10 and Atria modern retail.