Moncer's Performance, Krakatau Steel Pays Debt Tranche B IDR 2.7 Trillion

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA PT Krakatau Steel (Persero) Tbk (KRAS) has paid Tranche B's debt of IDR 2.7 trillion to all bank creditors. This is supported by a significant increase in performance every year.

The debt payment by the issuer codenamed KRAS was carried out on March 1, 2023.

President Director of Krakatau Steel Purwono Widodo said that until now since the restructuring began in 2019, Krakatau Steel has paid a debt of Rp. 10.9 trillion or the equivalent of US$ 718 million from the total principal debt of Rp. 33.6 trillion (US $ 2.2 billion).

"After paying the Tranche B debt worth IDR 2.7 trillion, we will pay the remaining Tranche B debt in November 2023 worth 121 million US dollars (IDR 1.8 trillion) and in December 2023 worth 166 million US dollars (IDR 2.5 trillion)," he said in an official statement, Friday, March 3.

The details of Krakatau Steel's debt payments that have been paid so far consist of Tranche A's debt of IDR 423.1 billion (USD 27.7 million) Tranche B of IDR 6.5 trillion (USD 430 million).

As well as loan payments to Commerzbank AG amounting to IDR 3.9 trillion (USD 260 million). Meanwhile, Tranche C's debt of USD 1 billion will only mature in 2025 and 2027.

Since restructuring and transformation in 2019, Krakatau Steel has achieved a significant increase in performance. In 2020 Krakatau Steel's net profit reached IDR 351.3 billion (USD 23 million).

Then it increased in 2021 to Rp947 billion (US$62 million) and Rp1.2 trillion (82 million US dollars) in 2022 (unaudited).

The trend of increasing Krakatau Steel's performance was also seen from the increase in revenue in 2020 of IDR 19.8 trillion (1.3 billion US dollars), then increasing in 2021 to IDR 32 trillion (USD 2.1 billion), and IDR 33 trillion (USD 2.2 billion) in 2022 (unaudited).

"With performances continuing to increase from year to year, Krakatau Steel can fulfill its obligations in debt payments. In the future, we are optimistic that we will be able to pay off the remaining debt as planned and maintain consistency in improving performance," concluded Purwono.