JAKARTA – PT Inocycle Technology Group Tbk ("INOV"), a listed company in the business of recycling plastic (PET) bottle waste into Recycled Polyester Staple Fiber (Re-PSF), successfully closed 2021 with a positive performance, where the Company recorded sales of IDR633.3 billion or grew by 22.1% compared to 2020 which was recorded at IDR518.6 billion. Meanwhile, INOV's net income also increased 395.9% in 2021, which was recorded at IDR27.3 billion.
Victor Choi, as Director of INOV said, "Although 2021 is still affected by the impact of the Covid-19 pandemic, we managed to go through the year with encouraging results. This was partly driven by the price increase of the Re-PSF products produced by INOV. In addition, the improving national economy has also led to an increase in demand for Re-PSF as a manufacturing raw material, thus further encouraging the Company's performance in 2021.
During 2021, INOV sales were dominated by Re-PSF products with IDR442.4 billion, an increase of about 20,8%, while sales of non-woven products and others reached IDR190,9 billion, or an increase of around 25,3% compared to the same period in year 2020.
“In welcoming the era of carbon taxes and carbon trading set by the Government, we continue to strive to reduce the carbon footprint generated in our production process. Thus, we contribute to reducing the effects of greenhouse gases in order to create a greener Indonesia. In addition, we see an opportunity from the recycling industry which is starting to improve, we are targeting this year's sales and net income to grow by around 25% and 30%, respectively," Victor concluded. (LM)