JAKARTA - PT Inocycle Technology Group Tbk (INOV), recorded sales of IDR184.8 billion in the First Quarter of 2022 or increased 22.2% YoY. On the other hand, INOV also earned a net profit of IDR6.1 billion, or an increase of 3538.1% YoY.
The rise of this sustainable business helped boost INOV’s performance, which was accompanied by an improving economy. Even INOV through its business entity PT Plasticpay Teknologi Daurulang is trusted to collaborate in Bank Indonesia events. In this event, Plasticpay collaborated with Bank Syariah Indonesia (BSI) and OVO as a platform to convert Plasticpay Points obtained from collecting plastic bottle waste into electronic money.
Victor Choi, as Director of INOV, said, “After successfully closing 2021 with a positive performance, we are proud to be able to start 2022 with good performance as well. Many companies need recycled raw materials amid the demand for sustainable business fulfillment, thus driving the demand for the recycled products that we produce. INOV is here to be able to provide and support various industries both domestically and abroad.”
Currently, more and more companies are starting to use recycled goods as their raw materials, such as the use of Re-PSF. Moreover, the economic situation has improved, and this has become the driving force for INOV’s performance growth. Knowing this, INOV has produced Re-PSF to be supplied to various companies. The contribution of Re-PSF during the First Quarter of 2022 was 73% to INOV’s total sales and grew by 31.1% YoY. On the other hand, in the First Quarter of 2022, sales of non-woven products (non-woven) which contributed 20% to INOV’s total sales grew by 17.2% YoY. (LM)