JAKARTA. PT Indah Kiat Pulp & Paper Tbk (INKP) managed to raise its net sales by 13.82% year-on-year (yoy) to USD 4 billion in 2022. Export sales reportedly covered 55% of them.

The sales, equivalent to IDR 61.87 trillion using JISDOR currency rate of IDR 15,468 per USD, were dominated by export of 55%. Exports to related parties, including Jinxin (Qingyuan) Paper Industry Co Ltd, Yalong Paper Products (Kunshan) Co Ltd, and APP branch offices, generated USD 61.54 million, while exports to third parties contributed USD 21.5 billion or equal to IDR 33.21 trillion. Meanwhile, domestic sales took up the remaining 45%, with sales to related parties, one of them includes PT Cakrawala Mega Indah, clocked up to USD 1.74 billion, and sales to third parties of USD 1.78 billion.

The increased sales, along with the increased cost of sales of 5.4% yoy to USD 2.41 billion or IDR 37.27 trillion in 2022. Therefore, the gross profit of INKP managed to rise 29.3% yoy to USD 1.58 billion in 2022, equivalent to IDR 24.43 trillion.

With an operating profit of USD 1.13 billion, minus several expenses, INKP ends up with USD 857.51 million of net profit or approximately IDR 13.26 trillion in 2022. It was 62.91% yoy higher than USD 526.36 million seen in 2021. INKP recorded total obligations of USD 4.03 billion (IDR 62.33 trillion) and total equity of USD 5.60 billion. Lastly, its assets were totaled to USD 9.64 billion (IDR 149.11 trillion). (AM/ZH)