The Company extended its achievements by breaking the highest profitability record since IPO, generating a Net Income of IDR210 Billion for FY2021. In accordance with our commitment to fulfilling our 5-year plan that has been initiated in 2020 to consistently exceed our set targets. In addition, the Company also booked a Revenue of IDR2.2 Trillion, 17.2% higher than the set target for FY2021. Combined with operational efficiency and lowering interest expense, our Net Income surpassed the target by 27.3%.
The President Director of the Company believed that one of the main drivers of our increasing Revenues was the work-from-home implementation, which resulted from the home improvement trend that affected our business positively amid pandemic.
As for FY2022 targets, the Company targets a Revenue of IDR2.6 Trillion and a Net Income of IDR260 Billion. In order to achieve the set targets, the Company has formulated several strategic approaches, which consist of: increasing organic business growth by opening up new business opportunities and product innovations, building a Distribution Center in Surabaya to expand our distribution network, especially to cater to the eastern regions of Indonesia. As the Company is still actively looking for inorganic growth opportunities, the Company will carry on its acquisition activities that are deemed appropriate and will bring positive synergies.
FY2021 Peformance Highlight
- Net Revenues increased by 23.9% YoY from IDR1.8 Trillion to IDR2.2 Trillion, driven by the sales growth of PC Roofing and uPVC Roofing products.
- Net Income grew considerably by 67.9% from IDR125 Billion in the previous year to IDR210 Billion in FY2021.
- Following the increased Net Income, Net Income Margin improved from 7.0% to 9.4%.
- We booked EBITDA of IDR428 Billion, 31.8% up from FY2020, while EBITDA Margin amounted to 19.2%.
- Consistent deleveraging efforts decreased the Debt to EBITDA Ratio to 1.3x from 2.2x in 2020, in accordance with a better EBITDA to Interest Ratio that significantly increased to 8.6x from 4.9x in FY2020.