JAKARTA - PT Semen Indonesia (Persero) Tbk (SMGR) has allocated capital expenditure (capex) of IDR 2 trillion until the end of 2024. This budget is higher than the average regular capex in the previous year of around IDR 1.3 trillion.

In a public presentation via zoo, Friday (30/8), Andriano Hosny Panangian, Director of Finance and Portfolio Management at SMGR, said that capex would be used in connection with the completion of the processing plant in Tuban to support exports to the West Coast, United States (US). Apart from that, capex is used for several initiatives between SIG and Taiheyo Cement Corporation (TCC), so that the total capex is IDR 1.9 trillion-IDR 2 trillion

According to him, the US West Coast market is currently oversubscribed in the midst of the financial crisis with imports of around 23 million tons in the last five years. Currently, a number of cement exporters to the US come from Turkey, Canada, Vietnam, Greece, South Korea and Mexico.

It is known that in the first semester of 2024, this issuer's revenue will be IDR 16.41 trillion with cement products contributing IDR 11.69 trillion and non-cement products IDR 4.71 trillion. In the same period in 2023, SMGR's revenue will be IDR 17.03 trillion, of which the contribution of Cement Products will be IDR 12.37 trillion and Non-Cement IDR 4.65 trillion. (LK/LM)