JAKARTA – The sales of PT Indo Rama Synthetics Tbk (INDR) grew 5.81% in 2022, thanks to increases in domestic sales. However, its net profit dropped 49.70% year-on-year (yoy) due to foreign exchange (forex) losses.

Quoted from the 2022 Financial Report on Tuesday (21/2), Vishnu Swaroop Baldwa, President Director of Indo Rama Synthetics, revealed that the revenue increased from USD 884.10 million in 2021 to USD 936.14 million in 2022. However, its gross profit declined 37.68% yoy from USD 129.77 million to USD 80.81 million. Its profit before taxes also slid off 48.46% from USD 100.87 million to USD 51.98 million, as did its current year’s profit from USD 84.56 million to USD 42.53 million.

The yarn spinning segment contributed USD 627.84 million to the total revenue, while polyester and fabric manufacturing segments brought in USD 451.05 million and USD 41.29 million, respectively. For comparison, in 2021, the yarn spinning, polyester, and fabric manufacturing turned in USD 647.61 million, USD 404.67 million, and USD 33.73 million to the total revenue, respectively.

Export sales reportedly decreased from USD 540.41 million in 2021 to USD 493.87 million in 2022, whereas domestic sales improved from USD 344.54 million to USD 444.04 million.

Geographically, INDR’s sales in Indonesia in 2022 clocked up to USD 352.10 million, higher than USD 277.43 million in 2021. Its sales in Asia (besides Indonesia) also shifted from USD 333.46 million to USD 338.90 million, while its sales in Europe shrank from USD 108.32 million to USD 61.66 million. The sales in North America increased from USD 68.46 million to USD 73.46 million, unlike its South America sales that were contracted from USD 28.80 million to USD 23.74 million. Sales from other countries also climbed from USD 67.60 million to USD 86.25 million. (LK/ZH)