JAKARTA – The revenue of PT Pelangi Indah Canindo Tbk (PICO) soared 27.67% in Q3 2022, supported by a 34.49% increase in steel drum sales. Its current year’s net profit also proliferated to IDR 8.40 billion, turning the tables around from the loss seen in Q3 2021 of IDR 31.39 billion.
In the financial report that is quoted today (21/11), Ko Dandy, President Director of PICO, specified that the sales increased from IDR 326.01 billion to IDR 416.02 billion (year-on-year/yoy). It brought its gross profit skyrocketing 121.19% yoy from IDR 21.91 billion to IDR 48.46 billion, while its operating profit arrived at IDR 10.25 billion from last year’s operating loss of IDR 4.98 billion.
The revenue in Q3 2022 and 2021 came from various segments, including the steel drum that generated IDR 307.54 billion of sales in Q3 2022, shifting from IDR 228.66 billion in Q3 2021. The sales of steel and component products also increased yearly from IDR 44.68 billion to IDR 49.41 billion, as did the plastic drum sales from IDR 29.26 billion to IDR 40.97 billion. On the contrary, the metal printing segment turned in less profit, from IDR 17.29 billion in Q3 2021 to IDR 16.18 billion in September 2022, as did the pail can sales from IDR 5.21 billion to IDR 1.65 billion. Lastly, other segments managed to boost their sales from IDR 194.38 million to IDR 251.37 million.
Based on the report, 89.11% of PICO’s consumers in Q3 2022 were third parties, while related parties took over the remaining 10.89%. For comparison, in Q3 2021, 87.02% of the consumers were third parties, whereas 13.04% other were related parties. (LK/ZH)