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NFCX records IDR2.1 trillion in first quarter revenue

28 June 2021 17:03

JAKARTA - PT NFC Indonesia Tbk (“NFCX”) 1Q21 revenue grew 3.6% YoY to IDR 2.1 trillion, driven by expansion of the digital product aggregator segment, which grew 2.8% YoY to IDR 2.1 trillion in 1Q21. This increase was also supported by a 41.7% YoY increase in the number of members to 145.1 thousand members in 1Q21 compared to 102.4 thousand members in 1Q20 and the contribution of cloud digital advertising revenue which grew by 71.9% YoY to IDR 40.7 billion. in 1Q21.

1Q21 gross profit and operating profit margin remained solid at 1.3%, despite an increase in depreciation expense (IDR4.9 billion in 1Q21 vs IDR5 billion in 1Q20) related to expansion of operations. The increase in depreciation expense also caused the expense to operating income ratio to increase from 0.5% in 1Q20 to 0.6% in 1Q21 which contributed to 1Q21 operating income decreasing by 4.1% YoY to IDR14.4 billion. However, during the quarter there was a significant improvement in working capital management as evidenced by operating cash flow which increased significantly from IDR23.7 billion in 1Q20 to IDR196.5 billion in 1Q21.

As such, net profit attributable in 1Q21 grew by 319.8% YoY to IDR21.3 billion, largely driven by gain on investment of IDR19.1 billion in 1Q21. NFCX maintains a healthy financial position with a net cash position of IDR 178.1 billion as of the end of March 2021.

For information, this month, NFCX collaborated with PT SiCepat Ekspres Indonesia (“SiCepat”) to enter the Electric Vehicle (“EV”) business by forming a joint venture (“JV”) company, PT Energi Always Baru (“ESB”). The JV company will focus on electric motorcycle distribution, battery exchange and support services. (LM)

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