JAKARTA – PT Cisarua Mountain Dairy Tbk (CMRY), the manufacturer of Cimory dairy products, would expand its food business segment by purchasing equipment for its production plant in Central Java and building another new facility in West Java. The estimated capital to fund this plan amounts to IDR 916.25 billion, taken from the initial public offering (IPO) proceeds that reach IDR 3.66 trillion.
In the short prospectus quoted on Wednesday (1/12), Cimory spared 80% of its capital expenditure of IDR 916.25 billion to its factory in Semarang, which would operate in Q4 2024. However, the company has yet to determine the entire budget for purchasing machines and acquiring land from unaffiliated third parties because these transactions would only occur next year. Meanwhile, another 20% of the proceeds would be channelled to daily operational needs, including posting salaries for its employees and covering debts.
As of June 2021, CMRY’s sales reached IDR 56.87 billion, soaring from IDR 33.14 billion from the same period in 2020. Then, its operating profit was approximately IDR 6.99 billion, doubling from IDR 3.43 billion in H2 2020. Lastly, its net profit also proliferated from IDR 2.12 billion last year to IDR 5.50 billion by the end of June 2021. (LK/ZH)