NFC Indonesia posts 91.5% revenue growth in first semester
JAKARTA - PT NFC Indonesia Tbk (NFCX) posted revenue growth of 91.5% year on year (yoy) to Rp 4.2 trillion in the first semester (1H) of 2020.
The positive performance was driven by the company's digital product aggregator, which grew 91.6% yoy to Rp 4.2 trillion in the same period, with membership rising 182.6% yoy to 114,700 members.
However, NFCX's gross profit margin in 1H dropped to 1.2% due to the coronavirus (COVID-19) pandemic, with its operating profit margin dropping to 0.7% and causing its net profit in the period to plunge 63.2% yoy to Rp 10.3 billion.
"The sturdy hold on market share is achieved despite macro weakness associated with the ongoing pandemic," NFCX Head of Investor Relations Jo Cheah Zhuo En wrote in an official statement received by IDNFinancials.com, Wednesday (29/7).
"In addition, top-line growth was boosted by contribution from digital cloud advertising segment revenues which grew by 84.2% yoy to Rp 48.8 billion in 1H20."
As previously reported by IDNFinancials.com, on July 24, 2020 NFCX's subsidiary PT Digital Mediatama Maxima Tbk (DMMX) announced investment in entertainment company PT Bumilangit Entertainment Corpora through a digital content joint venture (JV).
In addition, DMMX has also partnered PT Transportasi Jakarta (Transjakarta) and PT Multidaya Dinamika (MDD), a subsidiary of PT Distribusi Voucher Nusantara Tbk (DIVA), to launch an electronic money top-up service named KasirKu. (MS)