WOOD - PT. Integra Indocabinet Tbk

Rp 430

-30 (-6,98%)

JAKARTA – PT Integra Indocabinet Tbk (WOOD), a processed wood manufacturer, has corrected its sales target this year to minus 10%, whereas the initial target is set to 25% growth. In 2021, its sales actually clocked up to IDR 5.46 trillion, 116.6% higher than IDR 2.92 trillion in 2020.

Wang Sutrisno, Director of WOOD, claimed that the export of building components to the United States has slowed down due to the increased housing credit. “Our sales have been dominated by our export to the US. However, the increased housing credit in the US to over 6% has weakened the demand for building components in the second quarter of 2022,” he explained in the information disclosure quoted Monday (12/12).

On top of this, an oversupply of overpriced goods in WOOD’s distributors in the US also takes part in the decreased demand for building components. “With these issues in consideration, the company will reduce our sales target to minus 10%,” Sutrisno stated.

Throughout 2021, WOOD’s export to the US reportedly generated IDR 5.07 trillion, proliferating 131% from IDR 2.19 trillion in 2020. Then, its export to Asia went down 30.9% year-on-year (yoy) from IDR 152.87 billion to IDR 105.58 billion. On the contrary, its export to Europe shifted 34.9% yoy higher from IDR 73.22 billion to IDR 98.93 billion. However, its domestic sales diminished 48.1% yoy from IDR 506.26 billion to IDR 262.63 billion. (LK/ZH)