META - PT. Nusantara Infrastucture Tbk

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JAKARTA – Although the revenue of PT Nusantara Infrastructure Tbk (META) increased in 2023, it ended up with a loss worse than 2022 due to a surge in its finance expenses.

From the Financial Report of 2023 quoted today (16/4), its revenue was seen increasing 20.35% year-on-year (yoy) to IDR 1.68 trillion from IDR 1.40 trillion in 2022. The revenue consisted of income from business and sales segment of IDR 904.16 billion, which grew from IDR 822.43 billion; construction segment of IDR 769.36 billion, which rose from IDR 563.99 billion; and other business lines of IDR 13.46 billion, down from IDR 15.93 billion.

META’s gross profit was recorded at IDR 652.27 billion, up 12.03% yoy from IDR 581.29 billion in 2022. Its operating profit also went up to IDR 393.16 billion from IDR 278.18 billion, but its loss before taxes was seen at IDR 166.43 billion, worsening from profit of IDR 178.20 billion.

This significant drop resulted from swelled finance expenses, from IDR 194.31 billion to IDR 500.28 billion, as well as the loss from associated and joint ventures of IDR 79.46 billion, down from the profit of IDR 86.69 billion.

META booked current year’s loss of IDR 235.87 billion, plummeting 292.60% yoy from current year’s profit of IDR 122.46 billion in 2022. This significant decline to loss resulted from increased tax expense to IDR 69.43 billion from IDR 55.73 billion.

Lastly, the loss attributed to the parent company was IDR 233.74 billion, 422.67% yoy lower than the profit attributable to the parent entity of IDR 72.43 billion in 2022. (LK/ZH)