JAKARTA - PT NFC Indonesia Tbk's (NFCX)’s net profit rose by 125.62% on an annual basis to Rp 35.55 billion compared to the previous year of Rp 15.75 billion.
The increase in profits was supported by NFCX revenue which skyrocketed by 147.17% from Rp 2.48 trillion in 2018 to Rp 6.15 trillion in 2019. Contributions to revenue were dominated by the digital product aggregator segment of Rp 6.09 trillion and cloud-based advertising as much as Rp 55.75 billion. In 2018, the contribution of digital product aggregators was noted at Rp 2.45 trillion and cloud-based advertising at Rp 31.85 billion.
The company's cost of revenue also grew to Rp 6.04 trillion from Rp 2.44 trillion. General and administrative expenses in 2019 were recorded to increase to Rp 38.18 billion. Thus, NFCX posted operating profit of Rp 64.82 billion.
In 2019, NFCX also recorded a loss on divestment of subsidiary Rp 3.11 billion and an interest expense of Rp 2.64 billion. As a result, the company's net profit was recorded at Rp 35.55 billion, up 125.61% compared to the previous year which was Rp 15.75 billion. (LM)