JAKARTA - PT Steel Pipe Industry of Indonesia Tbk (ISSP) allocates IDR 200 billion for its capital expenditure (capex) budget in 2024. At the end of this year, the company is confident about attaining revenue of IDR 7.2 trillion.

In the public expose report quoted today (15/12), Ibnu Susanto, President Director of ISSP, mentioned that the capex will be allocated to unit 7 warehouse development, refurbishment maintenance, and warehouse construction. “The progress of unit 7 warehouse construction phase I has reached 30%,” he added.

According to Susanto unit 7 warehouse is located in Gresik, East Java. The construction of this warehouse will be carried out in two stages. These warehouses will become the relocation of unit 1, 2, 3, and 4 warehouses.

Until the end of the third quarter of 2023, the revenue was recorded at IDR 4.7 trillion, while the net profit reached IDR 363.73 billion. The sales volume hit 268,658 tons. For comparison, in the same period in 2022, ISSP’s revenue was at IDR 3.09 trillion, and net profit clocked up to IDR 203.19 billion, while sales volume was reported at 175,680 tons. (LK/ZH)