Cikarang Listrindo Celebrates its 30th Anniversary with Positive Performance
Public News|May 02, 2023
PT Cikarang Listrindo Tbk (IDX: POWR) celebrates its 30th anniversary with an increasing positive performance. In the first quarter of 2023, the Company reported a very positive and promising performance for its future.
The recorded net sales reached US$137.4 million, a 3.9 percent increase compared to the same period last year. This increase in sales was driven by a 1.2 percent increase in kilowatt-hour (kWh) sales to the industrial customers.
Additionally, the number of industrial customers also increased to 2,610 customers from 2,595 customers in 2022, with low churn rate and bad debt, each below 1 percent.
"This indicates the continuance recovery in the operational of the industrial customers, despite the challenges faced due to uncertain global conditions and a political year for Indonesia," stated the written statement on Tuesday (2/5).
Furthermore, Cikarang Listrindo also maintained its operational performance with an availability factor of 97 percent and a very low network distribution and transmission line losses of 0.6 percent.
From a financial perspective, the Company also maintained a capital structure well above the requirements set by the Company's international bonds through a leverage ratio of 0.7x and a fixed charge coverage ratio (FCCR) of 7.5x.
The strategies used by the Company are crucial for management and also served as important reviews for the international bondholders. The Company is optimistic about achieving a good operational and financial performance in 2023 and expects continuous improvement in the future.
"With the wealth of experience and operational track records over 30 years, the Company has never been complacent and continues to transform by prioritizing sustainability aspects while ensuring optimal service for customers," the statement continued.
The Company has also established Environmental, Social, and Governance (ESG) standards that demonstrate good corporate governance and has prepared a sustainability strategy outlined in the company's Sustainability Roadmap.
In 2022, the Company formulated 5 goals in the Sustainability Roadmap, namely ensuring effective and efficient energy use, best practice in corporate governance, creating high-quality employees as the Company's most valuable asset, building a culture of health and safety, managing and reducing the Company's carbon footprint, and empowering the local community through presence and social contributions.
For its commitment to ESG and sustainability initiatives, Cikarang Listrindo has received the "Indonesia Sustainable Development Goals Award (ISDA) 2022" from the Corporate Forum for CSR Development in collaboration with the Ministry of National Development Planning and the Coordinating Ministry for Economic Affairs, as well as the "Asia Sustainability Reporting Rating Award 2022" from the National Center for Corporate Reporting.
The Company's ESG risk rating has also continued to improve based on assessments by the ESG risk rating agencies of MSCI, S&P Global, and Sustainalytics in 2022.
Through an announcement on March 30, 2023, the Company also announced that it will hold the 2022 Annual General Meeting of Shareholders (AGMS) on May 8, 2023. Shareholder convocation has been carried out on April 14, 2023, through the Company's website, IDX, and eASY.KSEI.
The meeting will be held physically and also electronically/virtually through the eASY.KSEI facilities provided by PT Kustodian Sentral Efek Indonesia.
Source: CNN Indonesia (English version translated by the Company)