Public Expose POWR: Company Achievements Increased Until the Third Quarter of 2019
Public News|November 12, 2019
Jakarta, November 12, 2019 - PT Cikarang Listrindo Tbk (IDX: POWR) (“Company”) through the latest consolidated financial reporting for the third quarter of 2019 shows profit achievements amounting US$79.0 million or an increase of 30.1% from US$60.6 million in the same period last year. POWR's financial performance in Q3 2019 was solid reflected in the continuous growing performance with net sales of US$440.0 million or an increase of 3.2% over the same period last year.
The Company also managed to record strong cash flow with additional cash flow from Company’s business activities amounting US$20.3 million or an increase of 13.7% over the same period last year. This strong financial position is also evidenced by the level of the Fixed Cost Coverage Ratio (FCCR) at the level of 7.9 times as well as the Net Debt to EBITDA level of 1.6 times. The two ratios mentioned above are mandatory as stated in Company’s Bond Indenture. The level of net profit achieved by the Company has resulted a higher dividend yield as of 30 September 2019 of 5.7% compared to the Indonesia High Dividend Yield of 4.1%, calculated based share price as of September 30, 2019. From operational perspective, POWR successfully maintained reliable operational performance with availability factor of 98% and a low network distribution and transmission losses power at 0.7%.
On November 1, 2019, Moody's International Rating Agency appreciated the performance of Company by raising the Company's rating outlook to Ba2 positive from the previous outlook stable. The outlook improvement by Moody's is based on positive growth of Company's electricity sales to industrial area customers and PLN to 5,108 GWh at year 2018 from 4,801 GWh in 2016 and the stable and reliability of Company's operations. The company has stable cash flow conditions, supported by electricity growth from five industrial estate and solid operational performance.
In addition, POWR's financial condition has been appreciated by the global rating agency, Standards & Poors (S&P) by raising the Company's debt rating from BB to BB+ in June, where this rating is one rating towards investment grade (Investment Rating). POWR Debt Rating has been the third best rating for category of all Indonesian private companies assessed by S&P, below PT Astra International Tbk and PT Profesional Telekomunikasi Indonesia.
In the third quarter, the Company also received award as one of the “Top 50 Issuers with the Biggest Market Capitalization” from The 11th IICD Corporate Governance Conference & Award 2019 organized by the Indonesian Institute for Corporate Directorship (IICD) in collaboration with Berita Satu at the Grand on Thamrin Ballroom, Pullman Hotel, Jakarta on October 14, 2019. The company itself entered in the top 50 elite companies with the "Big Cap Public Listed Companies" category. This achievement repeats the same achievements last year, after several months earlier POWR was also granted as one of the nominees for the 2019 Bisnis Indonesia Award for the Infrastructure, Utilities & Transportation sectors.
In addition, the Company also explained its commitment to take part in the Sustainable Development Goals ("SDGs") by implementing it first POJK No. 51/POJK.03/2017 by reporting various contribution initiatives of the Company against the SDGs presented in the Sustainability Report that is integrated into the Report Annual 2018 and will also be continued in 2019. The company has done contributed to 12 of the 17 relevant Sustainable Development Goals (“SDGs”) programs with the Company's operational activities as a form of the Company's responsibility to the community and the environment. This program is implemented as a form of the Company's responsibility to society and the environment. The company believes that apart from pursuing growth of the Company, the Company's commitment is also improve society wellfare around the Company plant area through corporate social responsibility activities, in line with development goals in the SDGs.
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