Jakarta, April 28, 2023 – PT Impack Pratama Industri Tbk. (“the Company”) recorded another consistent growth in the first quarter of 2023. After concluding the fiscal year 2022 by recording a Net Revenue growth of 26.1% to IDR2.8 trillion from IDR2.2 trillion in 2021, the Company’s Net Income went up by 60.1% YoY to IDR307 billion. In the first quarter of 2023, the Company recorded a Net Income of IDR121 billion, increased by around 47.7% from the previous year in the same period which amounted to IDR82 billion. This growth of Net Income is in line with the Net Revenue growth in the first quarter of 2023 of 5.8% to Rp744 billion from IDR703 billion in the first quarter of 2022.
The first quarter of 2023 concluded with an increase in Gross Profit Margin to 40.7% from previous periods which were in the range of 34.8%. This is due to higher operational efficiency and lower raw material prices. We also recorded lower interest expenses due to repayment of bank loans from the proceed of the Non-Preemptive Rights Issuance (NPRI).
Entering the second quarter which coincides with the Idul Fitri holiday, the Company anticipates a softer performance. However, the Company will strive to achieve the full year Net Income target of IDR390 billion.
1Q23 Financial Performance
- The Company booked 1Q23 a Net Revenue of IDR744 billion, 5.8% higher than 1Q22 which amounted to IDR703 billion.
- Gross Profit increased by 26.3% YoY to IDR303 billion from IDR240 billion. Followed by the increase in Gross Profit Margin to 40.7% from 34.1% in 1Q22. This increase results from higher operational efficiency and lower raw material prices.
- In line with the increase in Net Revenue, 1Q23 Operating Profit grew by 53.0% to IDR173 billion from IDR113 billion in 1Q22. Operating Profit Margin increased to 23.2% from 16.1% in the previous year.
- In 1Q23, we recorded a Net Income of IDR121 billion, an increase of 47.7% from 1Q22 Net Income of IDR82 billion. This increase was in line with the increase in Gross Profit and supported by a lower interest expense.
- The Company’s 1Q23 EBITDA increased by 45.1% to IDR201 billion from IDR138 billion in 1Q22.
- The Company’s EBITDA ratios also showed an improvement, Debt to EBITDA Ratio decreased to 2.4x in 1Q23 from 4.2x in 1Q22. In addition, the 1Q23 EBITDA to Interest Ratio also increased to 21.8x from 14.4x in 1Q22.
Extending the Company’s commitment to reducing emissions, in December 2022, the first phase solar panel installed at Unit 2 in Cikarang began operating at 1/3 of the installed capacity, in accordance with recommendations from PLN as the off-taker. With the running solar panel, the Company is able to reduce carbon emissions by 1,251 tons of CO2/year, equivalent to the carbon absorption capacity of 57 thousand mature trees.