JAKARTA - PT Venteny Fortuna International Tbk (VTNY) will expand its branch office to Eastern Indonesia, pursuing the opportunity in financing for micro, small, and medium enterprises (MSMEs).

Damar Raditya, Group Chief Operating Officer (COO) of VTNY, mentioned that the company is still focusing in exploring the market in Indonesia, as MSME potentials are quite extensive, particularly in Eastern Indonesia.

“Therefore, we will improve by opening representative offices,” Raditya confirmed during Live Public Expose 2024 of VTNY via Zoom today (26/8).

Potential locations that will be tapped by VTNY include Bali and South Sulawesi. So far, the operational scope of this issuer has reached South Sumatra, Lampung, East Java, West Java, Yogyakarta, and Central Java.

In terms of financial performance, VTNY reported 49% year-on-year (yoy) increase in revenue to IDR 87.9 billion in H1 2024 from IDR 58.9 billion in H1 2023. Its gross profit also shifted 54% yoy to IDR 28.7 billion from IDR 19.3 billion. However, its net profit plummeted 53.83% yoy to IDR 3.70 billion from IDR 8.01 billion.

Furthermore, its stock performance was not satisfactory, declining 64% to IDR 129 per share last Friday (23/8) since its first public offering price of IDR 360 per share on December 15, 2023. (LK/ZH)