Jakarta, November 7, 2022 – PT Impack Pratama Industri Tbk. (the “Company”) released its nine months financial statement and continually recorded solid financial performance growth. In the first nine months of 2022, the Company recorded Revenues of IDR2 Trillion, an increase of 28.1% from the nine months of 2021 which amounted to IDR1.6 Trillion. The Company’s Net Income in the nine months of 2022 also grew by 30.3% from IDR158 Billion in the previous year to IDR206 Billion. The Company’s nine months Net Income nearly reflected the realization of the full year 2021 Net Income. Therefore, the Management is optimistic that the Company will exceed the 2022 targets, namely the Revenues target of IDR2.6 Trillion and the Net Income target of IDR260 Billion.
The Launching of uPVC Ceiling Products and Expansion Plans to Come
In early September, the Company has begun its production of uPVC ceilings which are marketed under the Alderon and Adaron brands. The Company has installed machines with a capacity of 3,000 tons/year at the Company’s plant in Gaharu, South Cikarang, West Java and all the machines have been fully utilized in the first month of production. The Company also plans to double the capacity of the uPVC ceiling machines in the second quarter of 2023 which will be placed at the Company’s plant in Gaharu. This expansion plan is the continuation of the gradual plan announced at the 2022 Annual Public Expose. The Company’s President Director, Haryanto Tjiptodihardjo, added, “The market has accepted our ceiling products well. We launched two brands at once to reach all market segments in Indonesia. We plan to add in our third phase, more machines to our new plant which will be located in KITB (Kawasan Industri Terpadu Batang), Central Java. Our new plant is expected to start operating in the fourth quarter of 2023.”
The Company will also increase the capacity of the uPVC roofing machines in Rungkut, East Java by approximately 25% before the end of 2022.
The Company’s Corporate Action in Raising Fresh Funds through NPRI Scheme
On this November 7, the Company is executing the Non-preemptive Rights Issuance (NPRI) of 100,000,000 (one hundred million) new shares or equivalent to 2.07%, valued at a price of IDR3,250/share, therefore it adds to the total outstanding shares of 4,933,500,000 and the total funds raised amounted to IDR325 Billion.
A total of 78,082,600 (seventy eight million eighty two thousand six hundred) new shares will be subscribed by PT Harimas Tunggal Perkasa (HTP) which is the major shareholder of the Company. Consideration of HTP participating in the NPRI is to provide financial support for the Company’s business expansion. This is done by HTP to strengthen its commitment as a major shareholder and is an embodiment of trust in the Company’s future prospects.
All these funds will be progressively used for expansion, the purchase of machinery, new land and building in KITB, as well as working capital. We hope that this investment will contribute to positive performance in upcoming 2024 year. In addition to strengthening the Company’s capital structure, the issuance of new shares from the NPRI is expected to improve the liquidity of the Company’s trading volume.
Last August, the Company was included in Forbes Indonesia’s “Best of the Best” list, which selected 50 best-performing public-listed companies. On a global scale, the Company was also also named by Forbes Asia as one of the high-performing companies in Asia Pacific that made it to the “Best Under a Billion” list. The list highlights 200 high-performing companies in Asia Pacific with revenues below USD1 Billion.
9M22 Performance Highlights
- The Company recorded 9M22 Revenues of IDR2 Trillion, increased by 28.1% from 9M21 which amounted to IDR1.6 Trillion. The increase in sales came from sales volume growth of Polycarbonate and Alderon roofing products, which was supported by aggressive marketing campaigns strategy that allowed the Company to grab the competitors’ market share.
- Gross Profit grew by 16.9% from IDR586 Billion to IDR686 Billion. Meanwhile, Gross Profit Margin decreased from 37.0% in 9M21 to 33.8% in 9M22 due to raw materials price increase.
- In line with sales growth, 9M22 Operating Profit increased by 31.1% to IDR341 Billion from IDR260 Billion in 9M21. Operating Profit Margin increased from 16.4% in the previous year to 16.8%.
- Although we recorded a foreign exchange loss of IDR13.8 Billion in YTD 9M2022, we are still able to achieve Net Income of IDR206 Billion, an increase of 30.3% from 9M21 which amounted to IDR158 Billion.
- The Company’s 9M22 EBITDA grew 27.6% to IDR418 Billion from IDR328 Billion in 9M21.
- EBITDA-to-Interest ratio improved from 8.8x in 9M21 to 12.8x in 9M22.
ESG Milestones
- The installation of solar panel at Unit 2, Trembesi, Cikarang with a peak capacity of 4,473 kWp/year has been completed in October 2022, as scheduled. Currently, the Company is in process of acquiring an operational license from PLN. It is estimated the solar panel installed at Unit 2 will start its operations in November 2022.
