JAKARTA. PT Provident Investasi Bersama Tbk (PALM) recorded 88% decline in its net profit in 2022 to IDR 239.55 billion from the initial IDR 2.01 trillion seen in 2021. This massive slump resulted from the sharp decline in its net gain on investment and other equity of 85% year-on-year (yoy).

In 2022, PALM recorded net gain on investment and equity of IDR 285.90 billion, sliding 85% yoy from IDR 1.99 trillion in 2021. On top of this, PALM only managed to increase its interest income from IDR 2.12 billion to IDR 2.23 billion. It also recorded zero gains on its biological assets fair value differences, whereas in 2021, it secured IDR 7.61 billion.

On the other hand, net revenue from other segments also shrank from IDR 1.29 billion to IDR 209 million. Although the cost of sales decreased from IDR 75.88 billion to IDR 31.54 billion, bank administration fees multiplied from IDR 996.22 million to IDR 17.50 billion. Therefore, in the end, the company scored income before taxes of IDR 239.21 billion in 2022, down from IDR 2.07 trillion in 2021. Then, company only paid taxes amounting to IDR 341.29 million.

In the end, PALM only managed to post net profit of IDR 239.55 billion, bringing the earning per share down from IDR 284.68 to IDR 33.85 per share. PALM also recorded assets shrinkage from IDR 5.86 trillion to IDR 5.76 trillion, as also seen in the total equity from IDR 5.82 trillion to IDR 5.76 trillion and total liabilities from IDR 39.99 billion to IDR 2.40 billion. (AM/ZH)