Weighed down by crisis, TDPM to stabilise itself in 2023
JAKARTA – In 2023, PT Tridomain Performance Materials Tbk (TDPM), a specialty material provider for property and automotive sectors, aims to fix issues and improve its organisation and performance to slowly recover from its current financial crisis.
According to Stephanus Ardhanova, President Director of TDPM, during the Public Expose 2023 in Jakarta last week (1/2), TDPM will improve its operational lines, including finding new high-quality suppliers with affordable rates to increase optimisation and efficiency, as well as producing green products. He also aims to seek higher revenue and bigger market share. “As the domestic demands are still quite low, we consider exporting our goods to Asia and Australia,” he mentioned.
TDPM is known to have entered the Suspension of Debt Payment Obligation (PKPU) scheme since April 2021 due to financial turbulence during the early COVID-19 pandemic. However, aligning with its target in 2022, a homologated agreement had been reached with its creditors last March, allowing TDPM to install the outstanding debts within the next 6 years. This year, TDPM wishes to be released from the current suspension in the stock trading in Indonesia Stock Exchange (IDX).
Beside financial restructure, TDPM also narrow down its organisation by divesting some of its portions in PT Eternal Buana Chemical Industries and PT Eterindo Nusa Graha to strategic investors, turning them from subsidiaries to associates. These companies are no longer consolidated in TDPM’s finance, which translates into less expenses and more efficiency.
Anton Hartono, Director of TDPM, mentioned that the company will rely on demands for plasticisers and acrylamides to boost its sales this year. “We have a quite high target for our revenue growth, reaching 20%. But in general, we aim to score 5% to 20% growth in 2023,” he added. However, Arhdanova highlighted that TDPM will pay more attention to secure healthy growth in its operating profit. (ZH)