JAKARTA – PT JACCS Mitra Pinasthika Mustika Finance Indonesia Tbk (MPMF) reported a decline in its total liabilities by 24.5% to IDR 6.14 trillion in 2021 from IDR 8.13 trillion in 2020. It resulted from the increased receivables from debtors coupled with the decreased new financing requests as the COVID-19 pandemic goes on.
In the information disclosure quoted Tuesday (19/4), Hajimu Yukimoto, Financial Director of MPM Finance, confirmed that the higher rate of instalments and full payments from debtors triggered a surplus in cash flow and slower bank financing needs. “The bank financing in December 2020 amounted to IDR 6.75 trillion. However, the bank financing in December 2021 was depleted to IDR 4.80 trillion,” he added.
According to Yukimoto, the new financing rate last year was not maximised as the economy is not fully recovered yet after the COVID-19 pandemic. On top of the reduced financing, its total assets went 18.9% or IDR 1.79 trillion lower to IDR 7.72 trillion in 2021 from IDR 9.51 trillion in 2020.
The credits channelled out by MPM Finance in 2021 reportedly amounted to IDR 6.17 trillion, lower than IDR 6.68 trillion in 2020. Its lease financing receivables also decreased from IDR 1.55 trillion in 2020 to IDR 1.09 trillion in 2021. These decreases then dragged down the revenue of MPMF from IDR 1.77 trillion to IDR 1.52 trillion. Fortunately, thanks to efficiency strategies in financial expenses, the company still gained IDR 63.73 billion in profit in 2021, turning the tide from a loss of IDR 296.37 billion in 2020. (LK/ZH)