JAKARTA - In 1Q21, PT M Cash Integration Tbk (MCAS) recorded moderate top line growth, amidst challenging macro conditions, with revenue growing 11.8% YoY, from IDR 2.9 trillion in 1Q20 to IDR 3.3 trillion in 1Q21, supported by the expansion of organic distribution points which grew 35.7% YoY to 227,465 as of March 2021 from 167,675 as of March 2020. In addition, top-line growth was driven by the contribution of the Software-as-a-Service (SaaS) segment revenue which grew by 446.9% YoY to Rp18.3 billion in 1Q21.
In 1Q21, MCAS managed to maintain operating profitability amidst difficult macro conditions, demonstrating the resilience of MCAS's business model. 1Q21 gross profit and operating profit margin were 1.7% (vs 2.1% in 1Q20) and 0.9% (vs 1.2% in 1Q20, respectively). This decline was largely due to increased marketing and promotion efforts to maintain market share amidst the difficult economic conditions and increased depreciation expense (IDR 6.4 billion in 1Q21 vs IDR 2.9 billion in 1Q20) related to expansion of operations.
Net profit attributable in 1Q21 increased to Rp16.5 billion from a net loss of IDR 183.4 billion in 1Q20. MCAS maintains a healthy financial position with a net cash position of IDR 144.4 billion as of the end of March 2021.
In June 2021, MCAS through its subsidiary NFCX collaborated with PT SiCepat Ekspres Indonesia (SiCepat) to enter the Electric Vehicle (EV) business by forming a joint venture company (JV), PT Energi Always Baru (ESB). This JV company will focus on electric motorcycle distribution, battery exchange and support services. ESB will also take a majority stake in EV manufacturing company, PT Volta Indonesia Semesta (Volta). (LM)