MAHKOTA GROUP (MGRO) EXPECTS 150% INCREASE IN REVENUE IN 2019
03 October 2018
KONTAN.CO.ID - JAKARTA. PT Mahkota Group Tbk ( MGRO ) expects continued performance growth in 2019.
MGRO President Director Usli Sarsi said that the increase in revenue and net profit is expected to come from the cooking oil and kernel processing business. MGRO targets, the new factory in Dumai will start operating in June 2019.
“With the new factory, we expect net profit to grow to around IDR 120 billion in 2019. Meanwhile, revenue is expected to increase by around 150% next year,” he explained, Friday (28/9).
For your information, MGRO posted a fairly positive performance in the first six months of this year. MGRO posted an 11% increase in revenue of IDR 836.59 billion in the period June 30, 2018 from Rp 755.04 billion in the same period the previous year.
Loss attributable to owners of the parent entity fell 28.5% to IDR 17.82 billion from IDR 24.93 billion in June the previous year.
MGRO's total assets increased by 1.7% to IDR 981.96 billion as of the end of June 2018 from IDR 964.71 billion as of December 31, 2017.
At the end of 2018, MGRO expects to be able to book a 10%-15% increase in revenue or around IDR 2 trillion compared to last year. Meanwhile, net profit is expected to grow 100% to IDR 50 billion compared to 2017.
In addition, on Wednesday (25/9), MGRO began building a refinery producing cooking oil and kernel crushing plant in Dumai which is targeted to operate in June 2019. “This plant has a production capacity of 1,500 tons per day. While the kernel crushing plant has a capacity of 400 tons per day,” explained Usli, Thursday (27/9).
For the construction of the factory, MGRO poured funds of IDR 330 billion. “The details of these funds are from the IPO taken IDR 90 billion. Then the remaining 120 billion from internal cash and IDR 120 billion from bank loans,” he explained.
Usli added that the cooking oil products produced will be distributed throughout Indonesia and partnered with various national retail companies.
Not stopping at cooking oil, MGRO will also continue to expand its palm oil-based business by producing various derivative products, such as biodiesel.
“The matter of biodiesel is still limited to discourse. Given that the government has stipulated B20, it is likely that at the end of 2019 or early 2020 a biodiesel plant will be built whose funds are likely to be taken from company funds and bank loans,” he said.
Reporter : Krisantus de Rosari Binsasi
Editor : Wahyu Rahmawati