MNC Studios, The Production House Of Hary Tanoesoedibjo's Ikatan Cinta Conglomerate, Earns IDR 974 Billion In Revenue And IDR 152 Billion In Profit

Conglomerate Hary Tanoesoedibjo with his wife, Liliana Tanoesoedibjo. (Photo: Instagram @hary.tanoesoedibjo)

JAKARTA - PT MNC Studios International Tbk (MSIN) posted a surge in performance in the first six months of this year. The parent of MNC Pictures, the production house for the soap opera Ikatan Cinta, earned revenue and profit growth in the first semester of 2021.

Based on the financial statements as of June 30, 2021, MSIN was recorded to have experienced a surge in the amount of net profit attributable to owners of the parent entity by 101.46 percent. Where in the first semester of 2021, the company owned by conglomerate Hary Tanoesoedibjo generated a profit of Rp. 152.49 billion, while in the same period last year it was Rp. 75.69 billion.

This is in line with the amount of revenue which also increased by 36.12 percent to Rp974.89 billion in the first six months of 2021, while in the same period in the previous year it generated Rp.716.18 billion.

Revenue from the issuer came from the content business of Rp. 888.88 billion, digital of Rp. 188.56 billion and talent and others of Rp. 135.48 billion. The total revenue of Rp1.21 trillion was then reduced by an elimination fee of Rp238.04 billion which was the total revenue in the first semester of 2021.

Investor Relations of MNC Studios International, Luthan Fadel Putra, explained that the large increase in operating income could not be separated from the increase in content production volume and the rapid increase in the company's digital revenue.

Content revenue in the first semester of 2021 was recorded at Rp. 888.88 billion, which was an increase compared to the same period in the previous year of Rp. 735.46 billion. A rapid increase also occurred in the digital business from Rp74.37 billion to Rp188.56 billion.

"The increase in content revenue also stems from MSIN's continued involvement in adopting creative advertisements placed within its content," Fadel wrote in a written statement, quoted on Tuesday 17 August.

MNC Studios also recorded an increase in total assets in the first semester of 2021, from Rp2.31 trillion at the end of 2020 to Rp3.28 trillion. The total equity also increased from Rp1.55 trillion in the fourth quarter of 2020 to Rp2.56 trillion in the first semester of 2021. Meanwhile, total liabilities decreased from Rp759.02 billion to Rp713.25 billion.