JAKARTA - A paper producer from the Sinarmas Group belonging to conglomerate Eka Tjipta Widjaja, PT Paper Factory Tjiwi Kimia Tbk (TKIM) posted an increase in performance throughout 2021. The company's revenue and net profit were able to grow significantly last year.
In Tjiwi Kimia's financial report, quoted Monday, April 11, the company recorded net sales of US$ 1.02 billion in 2021 or equivalent to Rp. 14.7 trillion (Jisdor exchange rate of Rp. 14,365 per US dollar on April 8, 2022). This sales increased 18.24 percent from 866.4 million US dollars compared to 2020.
Each of the company's sales segments, namely cultural paper and industrial paper, experienced an increase in sales. The cultural paper segment mainly consists of printing and writing paper and other related paper products, recording a 9.5 percent increase in sales to US$705.7 million in 2021, from US$644.4 million compared to last year.
Then, the industrial paper segment consisting of cardboard boxes and brown paper also recorded a significant performance increase, which rose 43.55 percent from 221.9 million US dollars in 2020, to 318.6 million US dollars in 2021. Throughout 2021, Tjiwi Kimia also recorded an increase in exports in several regions, namely in Asia to 461.8 million US dollars and in Europe 35.6 million US dollars.
Meanwhile, the company's exports in two other regions, namely Africa and the Middle East, decreased to US$57.5 million and US$21.2 million, respectively, in 2021.
With this performance improvement, the company was able to print a net profit attributable to the owners of the parent entity of US$249 million or equivalent to Rp3.57 trillion. This number increased 67.87 percent from 2020 of 148.3 million US dollars.
As for the end of 2021, Tjiwi Kimia recorded total assets of 3.12 billion US dollars, an increase from the end of 2020 of 3.07 million US dollars. The Company posted a decrease in total liabilities from 1.56 billion US dollars on 31 December 2020, to 1.4 billion US dollars on 31 December 2021.
Meanwhile, the company's total equity recorded an increase to 1.75 billion US dollars at the end of 2021, from 1.51 billion US dollars at the end of 2020. The increase in Tjiwi Kimia's equity was due to an increase in the amount of unappropriated retained earnings to 1.02 billion dollars. USA in late 2021.
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