Jakarta, October 30, 2023 – PT Impack Pratama Industri Tbk. (“the Company”) concluded the third quarter of 2023 with tremendous bottom-line growth of up to 110.5% YoY. In the third quarter of 2023, the Company recorded a Net Income of IDR128 billion, doubled from the third quarter of 2022 Net Income which amounted to IDR61 billion. The sharp rise in Net Income mainly came from the declining raw material prices, as well as the Company’s improved operational efficiency.
Nine months in 2023, the Company has recorded Revenues of IDR2,087 billion, up 2.8% from the previous year which was IDR2,029 billion. The Company’s 9M23 Net Income also increased 65.3% YoY, from IDR206 billion in 9M22 to IDR341 billion. “The third quarter of 2023 showed better improvement than the previous quarter. We are confident to exceed the 2023 Net Income target of IDR390 billion.” Haryanto Tjiptodihardjo, President Director of the Company said.
As a pioneer company in non-traditional building materials in Indonesia, the Company is committed to driving the sales of innovative products, as well as the enrichment of new variants of existing products. In order to support the production of these innovative building material products, the Company will increase the production capacity by establishing a new plant located in Kawasan Industri Terpadu Batang (KITB), Central Java. The new plant in KITB will commence its operations at the scheduled time in the first half of 2024.
Preparing for 2024, Management has developed strategies to boost sales. The Company is always open to the possibility of acquiring local or international companies that can bring synergy into the Company. In terms of organic growth, the Company is continuously considering building a new plant or a new distribution center. In addition, the Company is planning to establish a new distribution center in West Java in the upcoming 2024.
9M23 Performance Highlights
- The Company recorded 3Q23 Revenues of IDR697 billion, an increase of 2.5% from 3Q22 which was IDR680 billion. In line with this, the Company’s 9M23 revenue rose 2.8% from IDR2,029 billion in the previous year to IDR2,087 billion.
- The Company’s Gross Profit grew 24.5% from IDR686 billion in 9M22 to IDR854 billion in 9M23. Followed along by the growth in Gross Profit Margin by 33.8% in the previous year to 40.9% in 9M23. This increase in Gross Profit Margin resulted from lowered raw material prices, which has been going on since the beginning of 2023.
- The Company booked Operating Profit of IDR494 billion in 9M23, up 45.0% from the previous year of IDR 341 billion. Operating Profit Margin increased from 16.8% in 9M22 to 23.7% in 9M23.
- The Company’s 9M23 Net Income increased by 65.3% from IDR206 billion last year to IDR341 billion. Following the growth in Gross Profit Margin, the Company’s Net Income Margin increased from 10.2% in 9M22 to 16.3% in 9M23. This rapid growth comes from a combination of declining raw material prices and improved operational efficiency.
- The Company’s EBITDA in 9M23 reached IDR577 billion, growing 38,0% from 9M22 which amounted to IDR418 billion. EBITDA margin also grew from 20.6% to 27.7%.
- EBITDA to Interest ratio increased from 13.5x in 9M22 to 23.0x in 9M23. Good capital structure management also improved the Company’s Debt to EBITDA ratio from 1.9x last year to 0.8x
9M23 Financial Highlights
Profit or Loss
Balance Sheet
Financial Ratios
About PT Impack Pratama Industri Tbk
The Company was founded in 1981 and listed on the Indonesian Stock Exchange on December 17, 2014 under the code “IMPC.” The Company’s main business activity is the production and distribution of building materials and plastic goods. The Company has a wide range of products classified into three segments namely roofs, facades and materials. To date, the Company still holds the position as the market leader for its main products that the Company markets under the popular brands of SolarTuff, TwinLite, and Alderon.
Disclaimer
This press release’s statements may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market condition, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. PT Impack Pratama Industri Tbk. does not make any representation or warranty, express or implied, as to the accuracy, completeness, or updated status of such statements. Therefore, in no case whatsoever will PT Impack Pratama Industri Tbk. and its affiliate companies are liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
For further information, please contact:
Lenggana Linggawati
Corporate Secretary
PT Impack Pratama Industri Tbk
Altira Office Tower 38th Floor, Altira Business Park
Jl. Yos Sudarso Kav. 85, Sunter, Jakarta Utara
Tel : (62-21) 21882000
Email : corporate.secretary@haryati-ningsih
