JAKARTA – Although the net profit shifted 32.4% year-on-year (yoy) down in Q1 2024, PT Dyandra Media International Tbk (DYAN), an issuer engaged in the Meeting, Incentive, Convention, and Exhibition (MICE) industry, booked meagre growth in Q1 2024 revenue, up 3.5% yoy to IDR 383.4 billion.

Until March 2024, DYAN’s revenue was dominated by event/exhibition organiser business line by 82% or IDR 315.7 billion. Then, convention and exhibition hall business line contributed 8% or IDR 50.4 billion to revenue, followed by hotel business with 3% worth IDR 11.9 billion and event supporting business with 2% worth IDR 8.1 billion.

Although revenue grew 3.5% yoy, increased operating expenses, as well as other expenses that got swollen hindered DYAN’s profit growth, dragging it down from IDR 55.85 billion in Q1 2023 to IDR 37.7 billion in Q1 2024.

“Operating cost experiences swelled due to new investment in one of leisure tourism business units, PT Dyandra Mitra Indah, through the management of 3 attractions in Taman Mini Indonesia Indah,” added the management in the official release quoted today (21/5).

The management also mentioned that the slow growth in Q1 2024 revenue was caused by low market demand for MICE industry, following General Election and Ramadhan. The company is now looking forward to Q2 2024 optimistically, supported by several conferences, concerts, and expos to be held in May.

In addition, DYAN has implemented several business strategies in 2024 to boost its performance in 2024, including the expansion of event-holding in Southeast Asia, expansion of market and its segmentation, as well as the development of intellectual property (IP) event which will be owned solely by the company.

The company is now actively expanding into the global market through MICE International, while reportedly renovating Dyandra Convention Centre in Surabaya.

“With the implementation of existing strategies, the management is optimistic about driving the company’s revenue in 2024 by up to 10%,” claimed Daswar Marpaung, President Director of DYAN, through its official statement. (ZH)