The troubled projects cost Aneka Tambang dearly
State-owned mining company Aneka Tambang (ANTM) booked net profit of Rp1.86 trillion last year, jumped 62% from 2020. The company should have recorded significantly higher net profit last year without huge impairment loss from the troubled chemical grade alumina (CGA) project in Tayan, West Kalimantan.
FY21 Results of Chandra Asri
Petrochemical giant Chandra Asri Petrochemical (TPIA) booked a net profit of US$152 million in 2021, jumping 191% year on year (y/y), mainly supported by a combination of demand recovery and stronger margins.
Industry Update
Steel rebar futures fell to below US$5,000 per ton (4889 on Monday), the lowest in near two weeks, as surging Covid-19 cases and a decline in Shanghai nickel futures more than offset supply issues and expectations of robust demand.
Walk the Talk: Indonesia’s F1 Circuit
Indonesia has long tried to be in the Formula One calendar. More than one decade actually. Two ASEAN members have hosted the races: Malaysia and Singapore. Vietnam supposedly is the third, but the maiden Hanoi Grand Prix was aborted due to Covid-19 pandemic in 2020. Will Indonesia become the fourth ASEAN member to host F1 races?
Data center business: Getting crowded…
PT Data Center Indonesia Tbk (DCII) posted net profit of Rp261 billion last year, jumped by 42.8% from 2021 despite only 14.7% growth in sales revenues to Rp871 billion. The company, which is valued nearly 90 times equity, accordingly, posted net profit margin (NPM) of 30%, expanded from 24% in 2020.
Walk the talk: Major investments in the chemical industry
Ineos Aromatics has just completed a US$70 million modernization of its purified therephthalic acid (PTA) plant in Merak, Banten province. Ineos informed stakeholders yesterday that the modernization will boost Merak facility’s PTA production capacity by 15% from 500,000 tons to 575,000 tons per annum, second largest in Indonesia behind Mitsubishi Chemicals.
Higher Sales of United Tractors
United Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction—reported a higher sales performance in January 2022, compared to December 2021, for mining, agriculture, and forestry. The construction segment declined.
Surprises from Indorama Synthetics
Shares of Indorama Synthetics (INDR) jumped 13.32% to Rp4,680 on Wednesday (Feb 23) to respond the textile company’s strong financial performance in 2021. Still, at the last quoted price Indorama was worth Rp3.06 trillion only or about half of its equity as at Dec 31, 2021.
Industry Update: Cement
The Indonesia Cement Association (ASI) reported that domestic cement consumption grew 7.6% year on year (y/y) to 5.28 million tons in January 2022, with cement consumption outside Java rising significantly. Otherwise, cement consumption in Java island declined 1% to 2.7 million tons.
Indonesian Renewable Energy Players (1)
Pretty much like technology sector, we’ve seen the entry and expansion of Indonesian conglomerates in renewable energy business. Some coal miners have also entered into various partnerships to anticipate stricter implementation of the government’s carbon neutral policy, including the target to add at least 51% of new power capacities from renewable energy sources by 2030.