Investindo Partner Earns IDR 14.31 Billion Profit And Revenue IDR 84.24 Billion In The First Quarter Of 2023

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Mitra Investindo Tbk (MITI) recorded performance growth in the first quarter of 2023. The company's net profit and revenue were able to increase significantly in the three months earlier this year.

In a written statement from MITI, Thursday, May 5, it was stated that the company's net profit was IDR 14.31 billion in the first quarter of 2023, an increase from the same period the previous year of IDR 4.03 billion.

In addition, the company's revenue was recorded at Rp. 84.24 billion, up to 296 percent when compared to the same period the previous year which amounted to Rp. 21.27 billion. The EBITDA margin increased to 23.69 percent, compared to 18 percent throughout 2022.

In detail, the loading and unloading cargo handling business segment contributed IDR 54.42 billion or 64 percent of the company's total revenue in the first quarter of 2023. Followed by revenue from the shipping service business segment of IDR 16.04 billion or 19.04 percent of the company's total revenue.

MITI management revealed that the satisfactory performance achievement in this period was a new chapter that reflected the ideas and changes in the vision and mission implemented by the company and the main shareholders, namely to become a shipping company and total integrated logistics after the acquisition of PT Pelayaran Karana Line (PKL) and PT Karya Abdi Luhur (KAL) in December 2022.

" MITI's business activities as the parent company are now supported by three business segments, namely sea transportation (laying), ship agencies and ship management, as well as loading and unloading cargo handling services, which are all run through subsidiaries," said MITI Finance Director, Edy Suhardaya.

He added that the company's performance during the first quarter of 2023 also answered the economic challenges and prospects for loading and unloading services after the COVID-19 pandemic, which was influenced by the trend of growth in Indonesia's export and import trade performance in 2023 which continued to grow positively.

: This was achieved despite the uncertainty of global geopoliticals which had an impact on supply chain disruption, to concerns over the threat of a global recession," he explained.

In addition, MITI's positive achievements in this period are also the result of the implementation of the company's strategy which integrates its entire business segment. In the future, MITI is optimistic that it will be able to maximize profitability with the addition of the business segment after the acquisition of PKL and KAL.

"The company will also continue to optimize operational efficiency to increase business margins, as well as increase the utility of the five fleets of ships currently owned," continued Edy.

Facing the challenges and targets of achieving performance in 2023, the company's management is optimistic that the performance achievement in the first quarter will be the basis for achieving performance throughout 2023. In this case, the company targets profit and revenue growth to four times by the end of the year.

"We will continue to improve service quality, strengthen loading and unloading service infrastructure, and strengthen collaboration and synergy between companies in the MITI business group," added Edy.

Furthermore, this will be done with asset support, the company's business network, in order to optimize business opportunities and prospects in 2023 and in the years to come.