INOV - PT. Inocycle Technology Group Tbk

Rp 167

+2 (+1,21%)

JAKARTA - PT Inocycle Technology Group Tbk (INOV), as the only listed company that recycles plastic bottle waste into recycled fiber, namely Recycled Polyester Staple Fiber (Re-PSF), strengthens its business by continuing to develop products aside from Re-PSF such as Non-Woven products and household appliances/Homeware.

The Re-PSF business is still the largest contributor to INOV sales in the first half of 2020, amounting to 72.3%. On the other side, the biggest growth was seen from the Homeware sales which increased 119%YoY, although it only contributed 10.2% to INOV’s total sales. Followed by Non-woven sales which also increased by 21%YoY and contributed 17.3% to INOV's total sales.

Director of INOV, Victor Choi said, "For stable and efficient business operations, in addition to Re-PSF we are also expanding the Homeware and Non-Woven business in line with the growing trend of using recycled materials in people's lifestyles towards environmental sustainability. INOV's core business, which is engaged in the business of recycling plastic (PET) bottles with the aim of creating economic value from such waste along with reducing environmental pollution."

For information, in the Financial Statements for the first half of 2020, INOV's income was relatively stable even in the midst of the Covid-19 pandemic, which was corrected by 1% to IDR235.2 billion from the same period in the previous year. Pressure from the global economy due to the existence of this pandemic, especially in the second quarter of 2020 also contributed to the decline in INOV's net profit with losses from foreign exchange translation. (LM)