Back In Meeting With DPR, Silmy Karim Talks About Positive Performance Of Krakatau Steel: Q1-2022 Profits Of IDR 258 Billion

President Director of Krakatau Steel, Silmy Karim. (Photo: Screenshot of the meeting)

JAKARTA - PT Krakatau Steel (Persero) Tbk has managed to record a positive performance in the last two years. After previously experiencing losses for eight years. In fact, in the first quarter of 2022, the issuer with the stock code KRAS has posted a net profit of IDR 258 billion.

President Director of Krakatau Steel, Silmy Karim, said that KRAS has succeeded in carrying out internal transformations according to the roadmap. This is indicated by the positive results of recent work.

"We can see how Krakatau Steel has suffered losses for 8 years. Currently, Krakatau Steel has experienced profits for two consecutive years. If we look at its EBITDA and revenue, they are the highest," he said in a hearing with Commission VI DPR, Monday, 11 April.

Silmy said that KRAS revenue in 2021 was worth US$2.1 billion or equivalent to Rp31 trillion. Meanwhile, KRAS's profit was worth US$62 million or equivalent to Rp900 billion. Then, EBITDA worth 126 billion US dollars.

When compared to 2020 sales increased by almost 59 percent and profits increased 3 times.

"This is inseparable from the support from the Ministry of SOEs and also the parliament and related ministries in supporting the transformation in Krakatau Steel. If you look here how the realization in 2021 can exceed the previous year," he said.

Meanwhile, Silmy said that in the first quarter of 2022, KRAS had posted a net profit of IDR 258 billion. However, this amount has not been audited.

"But (this) is only to illustrate the performance of Krakatau Steel getting better in the first quarter of 2022," he said.

Furthermore, Silmy explained that KRAS sales in the first quarter of this year reached approximately US$647 million or equivalent to Rp10 trillion. In fact, the first quarter has not yet been completed but has shown good performance.

Then, KRAS's gross profit was recorded at 68 million US dollars, and its EBITDA has reached 53 million US dollars and a net profit of 18 million US dollars or equivalent to Rp. 258 billion. broke the export record in March," he said.

For your information, Krakatau Steel's exports of steel in March amounted to 116,000 tons. As for this achievement, considering the development situation in the world, many people need steel, so this is an opportunity for KRAS.