Chandra Asri Petrochemical, Petrochemical Company Owned By Conglomerate Prajogo Pangestu Targets Revenue Of IDR 35.5 Trillion

Prajogo Pangestu conglomerate. (Photo: Doc. Antara)

JAKARTA - PT Chandra Asri Petrochemical Tbk (TPIA) targets the company's revenue to grow in 2021. With Chandra Asri's performance improvement in the first half of 2021, the company estimates this year's revenue could reach USD 2.5 billion.

With an estimated exchange rate of IDR 14.200 per US dollar, the revenue target of the company owned by conglomerate Prajogo Pangestu of USD  2.5 billion is equivalent to IDR 35.5 trillion. Director of Human Resources and Corporate Affairs Chandra Asri Suryandi said the target had actually been set since the beginning of this year.

"Revenue in the first half of last year decreased, but in the first semester of 2021, it has recovered. At the beginning, we had conveyed an estimated revenue of 2.5 billion," said Suryandi, at the Capital Market Summit Expo 2021, Thursday, October 14.

Suryandi further explained that the company's sales volume this year reached 1.1 million tons. The company's production capacity also increased by 93 percent, compared to the same period last year which was only 89 percent.

Meanwhile, the cost of revenue increased to USD 988.7 million as of June 2021 compared to USD 851.7 million over the same period last year. Thus, the gross profit recorded for the six months of 2021 was USD 273.2 million compared to a gross loss of USD 12.5 million in the same period the previous year.

Following solid revenue growth, higher gross profit, and higher EBITDA, Chandra Asri recorded a net profit after tax of USD 164.6 million compared to a net loss after tax of USD 39.9 million in the same period last year.