JAKARTA - PT Steel Pipe Industry of Indonesia Tbk (ISSP) booked net profit of IDR 210 billion in the first half (H1) of 2024, up 3.1% year-on-year (yoy) from IDR 203.21 billion seen in H1 2023.

In the press release quoted Monday (26/8), Johanes W. Edward, Corporate Secretary & Investor Relations of ISSP, mentioned that the company recorded gross profit of IDR 492.04 billion, up 5.2% yoy from IDR 467.77 billion in H1 2023.

Profit growth resulted from efficiency on cost of revenue, slipping to IDR 2.79 trillion from IDR 3.09 trillion.

The issuer reported gross profit and net profit margin of 17.6% and 7.5% each in H1 2024, up from the previous 15.1% and 6.6% seen in H1 2023.

According to Edward, the number is consistent with gross profit and net profit margin target in 2024, which have been set to 18% and 8%, respectively.

In terms of sales, ISSP saw growth in stainless steel pipe and API pipes. “It shows that the demand for large-diameter piped in the oil and gas sector remains strong and is able to support the company’s strategy to invest on large-diameter pipe machine,” Edward added.

In addition, the stainless-steel pipe machine that was completed and began to operate in September 2023 also generates significant result on stainless pipe sales value. (LK/ZH)