Jakarta, Armfalcon.com —
PT Cikarang Listrindo Tbk (IDX: POWR) celebrates its 30th anniversary with better performance. In the first quarter of 2023, the company reported a very positive and promising performance for the future.
The recorded net income reached US$137.4 million, up 3.9 percent compared to the same period the previous year. This increase in sales was driven by an increase in kilowatt hour (kWh) sales to industrial estate customers by 1.2 percent.
Not only that, the number of industrial customers has also increased to 2,610 customers from 2,595 customers in 2022, with a churn rate as well as bad debts were low, below 1 percent each.
“This shows the operational recovery of industrial customers which continues to improve, despite facing challenges due to uncertain global conditions and also a political year for Indonesia,” said a written statement on Tuesday (2/5).
In addition, Cikarang Listrindo has also managed to maintain operational performance with an availability factor of 97 percent, as well as very low power losses in the distribution and transmission network of 0.6 percent.
From a financial standpoint, the company also maintains a capital structure far above the requirements required by the company’s international bonds through ratios leverage of 0.7x and the ratio of ability to pay fixed costs (FCCR) of 7.5x.
The strategy used by the company is very important to management, and is also a very important basis for review by the company’s international bondholders. The company is also optimistic that it will achieve good operational and financial performance in 2023 and will continue to improve in the future.
“Through a wealth of experience with an operational track record of 30 years, the company has never been careless and has always transformed to prioritize aspects of sustainability while ensuring optimal service for customers,” continued the statement.
The company has also built standards Environment, Social and Governance (ESG) demonstrating good corporate governance, as well as preparing a sustainability strategy which is described in Sustainability Roadmap company.
In 2022, the company has formulated 5 aspects of goals from Sustainability Roadmap, namely ensuring the effective and efficient use of energy, best practice corporate governance; creating qualified employees as the company’s most valuable asset; building a culture of occupational health and safety; manage and reduce the company’s carbon footprint; and empowering local communities through social presence and contribution.
For achieving the company’s commitment to ESG and sustainability initiatives, Cikarang Listrindo has received the “Indonesia Sustainable Development Goals Award (ISDA) 2022” award from the Corporate Forum for CSR Development together with the Ministry of National Development Planning and the Coordinating Ministry for Economic Affairs, as well as the “Asia Sustainability Reporting Rating Award 2022” from the National Center for Corporate Reporting.
The Company’s ESG risk rating continues to improve based on assessments from ESG risk assessment agencies MSCI, S&P Global and Sustainalytics in 2022.
The Company through an announcement on March 30 2023 has also announced that it will hold the 2022 Annual GMS which will be held on May 8 2023. The call for shareholders was made on April 14 2023 through the Company’s website, IDX and eASY.KSEI.
The meeting will be held physically as well as electronically/virtually through the eASY.KSEI facility provided by the Indonesian Central Securities Depository.