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INOV optimistic sales will increase by 20% in 2022

06 January 2022 19:11

JAKARTA - PT Inocycle Technology Group Tbk (INOV), an issuer engaged in recycling plastic bottle waste (PET) into Recycled Polyester Staple Fiber (Re-PSF), is optimistic that the performance in 2022 will be better than the previous year. Along with this, INOV has set a sales target to grow by around 20% in 2022. This target is in line with the increase in the volume of demand for the Company's products until the end of 2021, as well as the improvement in the recycling industry driven by the increasing trend of using recycled products by the public. .

Victor Choi, Director of INOV said, “We see that this year the industry opportunity and the recycling market potential have improved compared to previous years. Where public awareness in using recycled products has begun to increase in line with the circular economy movement that the Government continues to encourage. Seeing this opportunity, we are aiming to achieve a sales increase of around 20% and a net profit of around 25% in 2022.”

At the beginning of 2021, INOV set a sales growth target of 15% for consolidation in 2021. Looking at the realization of INOV's performance until the third quarter of 2021, the Company is optimistic that it can exceed the 2021 target. Until September 2021, INOV managed to record sales growth of up to 22.8% year on year (YoY) or recorded at IDR464.6 billion. Meanwhile, in terms of net profit, INOV managed to turn losses into profits in the third quarter of 2021, which was recorded at IDR25.7 billion, an increase of 253.6%.

For information, until the end of December 2021 INOV managed to collect around 24 thousand tons of plastic bottle waste for recycling. All sources of INOV raw materials come from local waste, which is obtained from both collectors and manufacturers who have collaborated with the Company. (LM)

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