JAKARTA. PT Salim Ivomas Pratama Tbk (SIMP) recorded a current debt increase of 27.88% year on year (yoy) from Rp 4.88 trillion to Rp 6.24 trillion in 2019.
The increase was driven by higher working capital and refinancing to repay the company's non-current loans by using current loans.
"We will raise operational funds by increasing sales and refinancing maturing bank loans," said SIMP Corporate Secretary Yati Salim in a stock exchange filing, Thursday (16/4).
In 2019, SIMP's overdue accounts payable increased to 48% from 42% in 2018. This was caused by late billing in the purchase of fresh fruit bunches from third parties.
In addition, SIMP's overdue accounts receivable in 2019 also rose to Rp 413.54 billion from Rp 418.09 billion in 2018. This came from sales to modern markets such as Indomaret, Alfamart, and Indogrosir. (AM/MS)