Saratoga, The Company Owned By Conglomerates Edwin Soeryadjaya And Sandiaga Uno Earns Profit Of IDR 15.3 Trillion In Semester I 2021

Conglomerate Edwin Soeryadjaya together with Sandiaga Uno. (Photo: Instagram @sandiuno)

JAKARTA - PT Saratoga Investama Sedaya Tbk recorded a net asset value (NAV) of IDR 46.5 trillion until the first semester of 2021. This value increased 46.68 percent compared to NAV at the end of 2020 which reached IDR 31.7 trillion.

The issuer codenamed SRTG also posted a net profit attributable to owners of the parent company of Rp15.3 trillion. Whereas in the same period the previous year, the company owned by conglomerates Edwin Soeyadjaya and Sandiaga Uno had a net loss of IDR 2.1 trillion.

Saratoga President Director Michael Soeryadjaya said the positive performance of investment portfolio companies had boosted the growth of Saratoga's portfolio value. The performance of the investment portfolio company is also followed by consistent dividend payments, which also strengthens Saratoga's fundamentals.

"The increasing share value of investment portfolio companies has made NAV Saratoga grow positively in the first semester of 2021. We are grateful that Saratoga's investment portfolio company is able to maintain its business growth," Michael said in a written statement, quoted Friday, July 30.

NAV Saratoga's achievement in the first semester of 2021 came from the increased performance of a number of investment portfolio companies, especially from PT Tower Bersama Infrastructure Tbk (TBIG), PT Merdeka Copper Gold Tbk (MDKA), PT Mitra Pinasthika Mustika Tbk (MPMX), and PT Provident Agro Tbk (PALM).

Saratoga also posted dividend income of IDR 866 billion in the first semester of 2021, an increase of 35.3 percent from IDR 640 billion in the same period in the previous year. This revenue was mostly contributed by PT Adaro Energy Tbk (ADRO), TBIG, and MPMX.

Michael added, Saratoga will continue to implement a strategy of diversification in investing and discipline in managing finances to maintain business sustainability in the long term. The debt-to-cost ratio will continue to be managed and maintained at an efficient level.

Currently, annual operating costs to net asset value are at 0.4 percent and loan to value at 5.7 percent.