After IPO, Chemstar Recorded A 43 Percent Increase In Sales In The First Quarter Of 2022

JAKARTA - PT Chemstar Indonesia Tbk, which is a producer of chemicals for the textile industry, recorded an increase in sales of Rp. 32.4 billion or up to 43 percent in the first quarter of 2022.

The increase in sales this time was driven by the improving performance of the textile and textile products (TPT) industry which grew 12.45 percent. Where, of all non-oil and gas industries, the performance of the textile industry was the second highest in the first three months.

Its position is only different from that of the transportation equipment industry, whose performance increased by 14.20 percent (yoy). In fact, the Ministry of Industry estimates that the textile industry can grow 3.5 percent in the first semester of 2022.

Meanwhile, based on the company's financial statements in the first quarter of 2022, the company's operating profit increased by 42 percent compared to the same period last year from Rp. 2.3 billion to Rp. 3.2 billion. Meanwhile, gross profit also increased from IDR 7 billion in March 2021 to IDR 10.5 billion, an increase of 49 percent.

On the other hand, the company's asset value rose 20 percent from Rp. 86.2 billion to Rp. 103.6 billion. PT Chemstar Indonesia Tbk Corporate Secretary Wenty Akbar Rasjid explained by looking at the financial report data in the first quarter of this year, he is optimistic that the company's performance can be maintained until the end of the year.

"We can maintain it until the end of the year at the same number. This is because, currently, the recovery from the COVID-19 pandemic has begun to be felt by business people," Wenty said in a written statement, Wednesday, August 10.

Wenty asserted, until now the realization of funds from the Initial Public Offering (IPO) has been absorbed about 30 percent. Where the funds were used to buy land in Jatiluhur, Purwakarta, West Java, covering an area of 5,360 m2.

"Approximately 30 percent, mainly to buy land and buildings in Jatiluhur Purwakarta. The building is also used for factories and offices," said Wenty.

The monthly production capacity for liquid reaches 10,000 tons and powder reaches 600 tons. Meanwhile, its utilization reaches 50 percent.

The Company also continues to develop its business after holding an Initial Public Offering (IPO). The business development carried out is by expanding the market to the cosmetics and food and beverage (F&B) segments.