The Sinar Mas Paper Company Owned By Conglomerate Eka Tjipta Widjaja Raises Sales Of IDR 23.49 Trillion And Profit Of IDR 4.10 Trillion

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Indah Kiat Pulp & Paper Tbk recorded a slick performance in the first six months of this year. The company code-named INKP managed to increase sales and net profit in the first semester of 2021.

In INKP's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Tuesday, August 24, this company from the Sinar Mas group belonging to the late conglomerate Eka Tjipta Widjaja achieved net sales of US$1.62 billion (approximately IDR 23.49 trillion). That number managed to grow 9.64 percent of net sales in the same period in 2020 worth US$1.48 billion.

Net sales by product type in the first six months of 2021, including cultural paper amounting to 545.93 million US dollars, as well as industrial paper, tissue, and others worth US$674.04 million. Sales of both recorded an increase of 21.78 percent and 19.04 percent respectively from sales realization in the same period last year.

Meanwhile, Pulp sales recorded a 13.27 percent decline to US$407.25 million from US$469.59 million in the first six months of 2020.

The increase in sales of INKP in the first half contributed to an increase in the cost of goods sold by 5.82 percent, from the previous US$1.01 billion to US$1.07 billion.

As a result, the company's gross profit grew 18 percent to US$548.60 million. Meanwhile, in the same period last year, INKP only posted a gross profit of US$464.89 million.

As of June 30, 2021, INKP posted operating expenses of US$172.84 million. That number increased by 14.74 percent from operating expenses as of June 30, 2020, valued at US$150.63 million.

Until the end of last June, Indah Kiat Pulp & Paper recorded a net profit attributable to owners of the parent entity of up to US$282.90 million (around IDR 4.10 trillion) or grew 39.20 percent from the previous US$203.22 million at the end of June 2020.