JAKARTA - PT Primadaya Plastisindo Tbk (PDPP) plans to establish a plastic packaging manufacturing plant and a branch office in Solo, Central Java, in order to raise its market share. The existing branch offices are located in various cities, including Sukabumi, Tangerang, Lampung, Binjai, and Cileungsi.

Kennie Angesty, President Director of Primadaya Plastisindo, mentioned that the company has signed a lease agreement for the location of this branch office and manufacturing plant in Solo, Central Java. “The investment for branch office opening amounts to approximately IDR 31.5 billion,” Angesty said in the information disclosure quoted Wednesday (6/9).

The signing of this lease agreement took place yesterday (5/9). The investment value is said to be less than 20% of total equity of PDPP as of Q1 2023, which clocked up to IDR 363.91 billion.

As of Q1 2023, this issuer recorded net profit surge to IDR 5.87 billion from the previous IDR 4.23 billion seen in the same period in 2022. The revenue of PDPP was recorded at IDR 108.27 billion, shifting from IDR 78.43 billion, similar to its operating profit that rose from IDR 5.93 billion to IDR 6.96 billion.

The major contributor of PDPP’s revenue is gallon products, generating IDR 57.68 billion, followed by bottles of IDR 19.67 billion, jerry cans of IDR 16.21 billion, straws of IDR 7.56 billion, plastic cups of IDR 2.64 billion, tissue paper of IDR 2 billion, plastic pellets of IDR 1.71 billion, materials of IDR 347.26 billion, and housewares of IDR 425.60 billion. (LK/ZH)