Our Journey
Vision, Mission & Corporate Value
Organization Structure
Board 
Board 
Awards & Certifications
Jababeka Power Plant
MM-2100 Power Plant
Babelan Power Plant
Supporting Organ 
Supporting Organ 
General Meeting 
Whistleblowing System
Environmental
Social
Governance
Shareholders Information
Publication
Financial Information
Press Release
IDX Announcement
Analyst Coverage
POWR's Financial Report Demonstrates Strong Performance
Public News|July 28, 2023
July 28, 2023 - PT Cikarang Listrindo Tbk (IDX: POWR) has presented its consolidated financial report for the first half of 2023. The report indicates that the Company's operational and financial performance remains strong amid Indonesia's economic recovery.
The Company has successfully maintained net sales at US$268.6 million, equivalent to the same period in the previous year of US$268.2 million. Sales to industrial customers continue to be dominant, with the customer numbers grow to 2,624, accompanied by low churn rates and bad debt levels, both below 1 percent.
These achievements are supported by an excellent operational performance, with an availability factor of 94 percent and very low energy losses in the transmission and distribution network at 0.5 percent.
Financially, the Company maintains a strong capital structure, well above the requirements set by the Company's international bonds, with a leverage ratio of 0.7x and a Fixed-Charge Coverage Ratio (FCCR) of 7.3x.
The Company's strategy is not only important for management in illustrating the strength of the Company's capital structure but also serves as a crucial review basis for the international bondholders. With this robust performance, the Company is optimistic about achieving strong operational and financial results in 2023 and beyond.
Consistent Implementation of ESG
With 30 years of operational experience and track record, the Company continues to transform, focusing on ESG (Environmental, Social, and Governance) performance aspects. This is realized through collaboration with independent ESG rating agencies to assess its ESG performance.
In the second quarter of 2023, the Company successfully improved its ESG Risk rating by Sustainalytics from 30.8 in 2022 to 26.7. The Company's ESG rating also increased to BB (from the previous B) by MSCI and by 43 points (from the previous 22 points) by S&P.
The Company's dedication to ESG implementation is also appreciated by the capital market institutions. In the second quarter of 2023, the Company became a part of several stock indexes, including ESG Sector Leaders IDX KEHATI, ESG Quality 45 IDX KEHATI, and Tempo-IDN Financials 52.
The development of ESG standards is outlined in the Company's Sustainability Roadmap. In 2022, the Company formulated five key objectives: ensuring effective and efficient energy use, best corporate governance practices, creating high-quality employees as the company's most valuable asset, building a culture of health and safety at work, managing and reducing the Company's carbon footprint, and empowering the local community through the Company’s presence and social contributions.
As part of this roadmap initiative in the first half of 2023, the Company successfully replaced part of coal with biomass, totaling 23 kTons or the equivalent of 32 GWh of electricity. Additionally, the Company has installed 14.7 MWp of Solar Power Plants and plans to grow this capacity to 30 MWp by the end of 2023.
The positive growth of Indonesia's industries in the future is a benchmark for the Company's progress. With significant infrastructure development by the government in the Cikarang industrial area, it is expected to stimulate industrial activities in the region.
Some of these developments include the Cilincing - Cibitung toll road connecting the Cikarang industrial area to Tanjung Priok Port, which is in operation in 2023. Furthermore, the New Tanjung Priok project, set to be completed this year, will increase container capacity to 4.5 million TEUs.
The Company believes that with significant infrastructures in place, the industrial area will continue to grow in the future, thus continue to develop added values to the Company's stakeholders.
Source: Tempo