Indah Kiat Pulp & Paper, Conglomerate Paper Company Eka Tjipta Widjaja Sales Raup 1.94 US Billions In Semester I 2022

Photo: Doc. Indah Kiat Pulp & Paper

JAKARTA - The Sinarmas Group paper company belonging to the late conglomerate Eka Tjipta Widjaja, PT Indah Kiat Pulp & Paper Tbk (INKP) posted an increase in revenue and net profit throughout the first semester of 2022. Based on the financial report, quoted on Thursday, September 1, the company posted sales of US$1.94 billion in the first semester of 2022. This sale rose 19.29 percent compared to the same period last year of US$1.62 billion. INKP's sales were driven by sales of cultural paper amounting to USD 619.2 million, pulp of USD 542.6 million, and industrial paper, tissue, and others amounted to USD 779.2 million. With this increased sales, INKP's cost of goods sold also recorded an increase of 10.62 percent to 1.19 billion US dollars, from 1.07 billion US dollars on an annual basis. INKP recorded a gross profit of 747.9 million US dollars during the first semester of 2022. This gross profit increased 36.3 percent compared to the first semester of 2021 which amounted to 548.6 million US dollars. INKP was also recorded to be able to record a net profit of US$395.2 million in the first semester of 2021. This net profit rose 39.7 percent compared to the same period last year of US$282.9 million. As for the end of June 2022, INKP posted total assets worth 9.2 billion US dollars, up from the end of December 2021 of 8.9 billion US dollars. Meanwhile, the company's total liabilities fell from US$4.2 billion at the end of 2021, to US$4.1 billion at the end of the first six months of 2022. INKP's total equity rose to US$5.1 billion on June 30, 2022, from US$4.7 billion on December 31, 2021.