JAKARTA - PT Inocycle Technology Group Tbk (INOV) recorded a revenue increase of 25% year on year (yoy) to Rp 494.7 billion in 2019. The company’s profit for the year also grew 40% yoy to Rp 22.5 billion.
The largest contributor to the company’s sales was the SF-staple fibre segment with Rp 385 billion, followed by non-woven products with Rp 63 billion, household furniture with Rp 23 billion, CF-carded fibre with Rp 16.5 billion, and other products with Rp 7 billion.
According to INOV Director Victor Choi, the company’s positive performance in 2019 was triggered by, among others, its listing on the Indonesia Stock Exchange (IDX) in July. Since going public, the amount of INOV’s common stock in circulation rose 50% from 1.2 billion shares in 2018 to 1.6 billion in 2019.
Regarding the coronavirus (COVID-19) pandemic, Mr Choi said the company is making up for lower demand with product diversification. “The global demand of our products may have been a little bit hiccupped, but we have diversified our products [by] producing masks and personal protective equipment (PPE) from polypropylene,” Mr Choi remarked in an official statement received by IDNFinancials.com, Thursday (28/5). (MS)