Indah Kiat Pulp & Paper, Paper Company Owned By Conglomerate Eka Tjipta Widjaja Raise Sales Of IDR 14.5 Trillion And Profit Of IDR 2.57 Trillion In The First Quarter Of 2022

JAKARTA - The paper manufacturing company owned by the conglomerate Eka Tjipta Widjaja, PT Indah Kiat Pulp & Paper Tbk. (INKP) recorded an increase in sales and net profit in the first quarter of 2022. Even the sales of this company from the Sinar Mas group reached almost 1 billion US dollars, the highest in the last five years.

In INKP's financial report, quoted on Monday, June 6, the company posted sales of 995.7 million US dollars or around Rp. 14.5 trillion (Jisdor exchange rate on May 31, 2022, Rp. 14,592 per US dollar). This sales increased 24.27 percent from 801.2 million US dollars compared to the same period last year.

This sale was recorded as the highest sales during the first quarter of the last five years since 2018. Meanwhile, the lowest sales of this INKP stock coded issuer in the last five years was in the first quarter of 2019, amounting to 776 million US dollars.

INKP sales in the first quarter of 2022 were recorded to be driven by industrial paper products, tissue, and others, which rose 24.5 percent from 332.8 million US dollars to 414.5 million US dollars in the first quarter of 2022.

In addition, sales were also driven by an increase in sales of the cultural paper segment, which rose 10.45 percent to US$306.3 million from US$277.4 million year on year (yoy), and the pulp segment which increased by 43. 87 percent to 274.7 million US dollars, from 190.9 million US dollars on an annual basis.

With this sales performance, INKP was recorded to be able to print a gross profit of 364.9 million US dollars, an increase of 47.24 percent from the same period in 2021 of 247.8 million US dollars.

Likewise, the company's operating profit soared 58.85 percent from US$162.5 million to US$258.19 million in the first three months of 2022. Profit for the year attributable to owners of the parent entity INKP also increased 26.7 percent. from USD 139.2 million in the first quarter of 2021, to USD 176.4 million in the first quarter of 2022 or equivalent to IDR 2.57 trillion.

Despite the increase, INKP's highest net profit in the last five years was achieved in the first quarter of 2020, which was US$179.3 million. As for the end of March 2022, the company's total assets have increased to 9.34 billion US dollars, from 8.97 billion US dollars at the end of December 2021.

In detail, the company's total liabilities increased from US$4.2 billion at the end of 2021, to US$4.4 billion at the end of the first three months of 2022. Likewise, total equity increased from US$4.75 billion at December 31, 2021, to 4.93 billion US dollars on March 31, 2022.