Cikarang Listrindo (POWR) Achieves Net Profit of Rp1.2 Trillion in 2023

Public News|March 03, 2024

March 3, 2024 – As a listed private power utility, PT Cikarang Listrindo Tbk. (POWR) recorded a net profit of US$76.97 million throughout 2023, or equivalent to Rp1.2 trillion, assuming the exchange rate is at Rp15,701.95.

Based on the consolidated financial statements for the fiscal year 2023, POWR's profit increased by 6.12% compared to the previous year's earnings of US$72.53 million.

Meanwhile, POWR recorded net sales of US$546.07 million throughout 2023, which decreased by 0.79% year-on-year (YoY). This decline was caused by a 1% annual decrease in sales from industrial customers to US$472.16 million.

POWR Corporate Secretary Christanto Pranata stated that the sales correction from the industrial customer segment was due to the global economic downturn, which ultimately impacted the non-oil and gas export performance in the manufacturing sector.

Quoting data from the Central Statistics Agency [BPS], the value of non-oil and gas exports in the manufacturing sector experienced a 9.3% YoY decline throughout 2023.

"The global economic slowdown, especially in Indonesia's trading partners, contributed to lower export demand," he said on Sunday (3/3/2024).

Despite the decrease in sales, Christanto stated that POWR recorded its highest-ever connected power capacity of 1,254 MVA, an increase of 20 MVA from 2022. There was also an increase in the number of industrial customers to 2,650 customers from the previous 2,595.

This increase was supported by the acceleration of digitalization and the projected growth of data center industries. Meanwhile, the value of power losses in the distribution and transmission networks was also very low, below 1%.

"With the Company's solid performance supported by strategic and efficient operations, as well as good cost management and financial management, the Company managed to record a net profit of US$77 million," said Christanto.

Meanwhile, throughout 2023, POWR recorded total assets of US$1.32 billion, a decrease of 2.75% YoY, while liabilities also decreased by 6.31% YoY to US$620.1 million, and equity reached US$704.12 million, a 0.62% annual growth.

The equivalent cash flow at the end of December 2023 reached US$244.29 million, a decrease of 19.93% YoY from the previous position of US$305.08 million.

In 2023, POWR has redeemed and partially canceled senior notes worth US$50 million. This action resulted in annual savings on interest expenses amounting to US$2.5 million.

Source: Bisnis Indonesia (English version translated by the Company)