Express Taxi Owned By Conglomerate Peter Sondakh Only Earns IDR 7.26 Billion In 2021 But Can Earn IDR 188 Billion In Profit, How Is That Possible?

JAKARTA - Taxi company from Rajawali Group owned by conglomerate Peter Sondakh, PT Express Transindo Utama Tbk (TAXI) posted revenue of Rp.7.26 billion in 2021. TAXI's revenue fell 66.28 percent compared to 2020 of Rp.21.54 billion.

In an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted on Friday, June 3, TAXI received revenue from taxi services reaching Rp. 100.47 million, down from its 2020 performance of Rp. 15.34 billion. Vehicle rental income was Rp.560.45 million, down from Rp.3.58 billion, and spare parts was Rp.73.30 million, down from Rp.514.26 million, and others Rp.6.52 billion, an increase from the previous Rp.2.1 billion.

Along with the decline in revenue, the cost of the taxi company 'Express Group' was also cut from the previous Rp95.43 billion, to Rp22.46 billion. Thus, the company recorded a gross loss of Rp. 15.20 billion, lower than the loss in 2020 of Rp. 73.89 billion.

Even though the revenue decreased, the company was able to maximize other income from the post of debt write-off which gave an income of Rp. 169.84 billion. Other income also contributed Rp38.57 billion in income, so TAXI's profit before tax reached Rp180.17 billion, with a net profit for the year of Rp188.61 billion.

The Company posted a net profit of Rp188.63 billion in 2021. This performance increased significantly from the net loss achieved at the end of 2020 of Rp51.97 billion.

As of December 31, 2021, TAXI's total assets reached Rp91.04 billion, consisting of current assets of Rp81.64 billion and non-current assets of Rp9.39 billion. The asset position shrank 62.58 percent from the previous Rp243.30 billion.

This was due to a decrease in fixed assets of 89.9 percent due to the sale of the group's fixed assets in the form of land, buildings, and most of the fleet which were collateral for bonds payable.

"Most of the collateral has been sold to pay the amortization of the convertible bonds payable until the end of 2020. The sale of the remaining collateral was completed in August 2021 as part of the payment of the outstanding interest on the bonds and the penalty," said TAXI's Corporate Secretary, Johannes BE. Triatmojo.

The escrow account also shrank by 99.9 percent because the company distributed the proceeds from the sale of the remaining bond collateral to convertible bond holders where the funds were taken from the escrow account.

Liabilities decreased from the previous Rp763.62 billion, to Rp14.97 billion. This was due to a decrease in bonds payable. TAXI's equity reached Rp76.06 billion, an increase from the previously negative equity value.

TAXI's cash and cash equivalent position at the end of 2021 was IDR 16.01 billion, lower than the cash position at the end of 2020 of IDR 22.46 billion.