Paper Company From Sinar Mas Group Owned By Conglomerate Eka Tjipta Widjaja Raise Sales Of IDR 4.34 Trillion And Profit

Photo: Doc. Tjiwi Chemistry

JAKARTA - A paper company from the Sinar Mas Group owned by conglomerate Eka Tjipta Widjaja, PT Kertas Tjiwi Kimia Tbk (TKIM) posted an increase in sales performance and net profit during the first quarter of 2022.

In TKIM's financial report, quoted on Sunday 5 June, the company recorded net sales of 302.22 billion US dollars as of March 2022, or equivalent to Rp.4.34 trillion (exchange rate of Rp.14,349.01 per US dollar). This sales increased 13.28 percent from 266.78 million US dollars in the first quarter of 2021.

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 an increase in sales to 215.74 million US dollars in the first quarter of 2022, from 185.31 million US dollars in the same period the previous year.

The industrial paper segment consisting of cardboard boxes and brown paper also recorded an increase in performance to 86.48 million US dollars from the previous US $ 81.46 million.

In the first three months of this year, the company recorded a decline in export sales to 143.65 million US dollars from the previous 159.31 million US dollars. However, local sales grew to 158.57 million US dollars from 107.46 million US dollars in the first quarter of 2021.

Cost of goods sold increased as of March 2022 to 261.24 million US dollars from the previous 230.79 million US dollars. However, TKIM still recorded an increase in gross profit to US$40.98 million from US$35.98 million as of March 2021.

An increase in the estimated net income tax expense to US$ 2.91 million from the previous US$ 312,000 has eroded TKIM's profit. TKIM's net profit reached US$74.1 million or around Rp. 1.06 trillion, slightly down from US$74.99 million as of March 2021.

The Company posted a decrease in total liabilities from USD 1.4 billion on December 31, 2021 to USD 1.26 billion as of March 2022.

Meanwhile, Tjiwi Kimia's total equity recorded an increase to 1.83 billion US dollars at the end of March 2022, from 1.75 billion US dollars in 2020. The increase in the company's equity was due to an increase in the amount of unappropriated retained earnings to 1.1 billion dollars. US.