Cement maker Solusi Bangun Indonesia (SMCB), formerly Holcim Indonesia, also now subsidiary of state cement maker Semen Indonesia (SMGR), booked a net profit of Rp651 billion in 2020, grew 30.4% from Rp499 billion in 2019, as operating profit rose 37.6% to Rp1.62 trillion. While revenues declined 8.6% to Rp10.1 trillion.
SMCB’s cash flow balance jumped significantly, as it generated net cash of Rp1 trillion from operating activities during 2020, compared to only Rp209 billion it generated in 2019. Receipt from primossory agreement reached Rp337.4 billion while payment of income tax dropped to Rp84.9 billion from Rp309.8 billion.
The Company also cut investment last year, spending Rp389.7 billion on acquiring fixed assets, lower than Rp539 billion in 2019. It paid long term bank loan of Rp1.96 trillion, alongwith obtaining long term bank loan of Rp1.65 trillion. SMCB maintained its cash and cash equivalent at Rp386.7 billion. SMCB’s assets reached Rp20.74 trillion, while liability amounted to Rp13.17 trillion.