PT Semen Indonesia (Persero) Tbk (SIG), a State-Owned Enterprise (BUMN) in the infrastructure cluster, recorded a consolidated (unaudited) current period profit of IDR 503.49 billion until the end of June 2024 or the first semester of this year.
Referring to the company’s financial report, the figure decreased by 43.51 percent YoY from the previous IDR 891.35 billion at the end of June 2023. Meanwhile, EBITDA or earnings before interest, taxes, depreciation and amortization was recorded at IDR 2.88 trillion.
“In the midst of the challenging industrial situation in recent years, in addition to continuing to maintain strong fundamental performance, SIG also continues to focus on building a business ecosystem as a new catalyst that will support the optimization of the use of green cement and sustainable solutions,” said SIG Corporate Secretary Vita Mahreyni in a written statement in Jakarta, Thursday (01/8).
SIG’s revenue in the first semester of 2024 was recorded at IDR16.41 trillion, down 3.64% YoY from the previous IDR17.03 trillion in the same period in 2023. Then, SIG’s cost of revenue until the end of June 2024 was recorded at IDR12.55 trillion or down slightly by 0.49% from IDR12.61 at the end of June 2023.
The company stated that SIG was able to maintain financial resilience by recording positive cash flow from operations, thus being able to continue to reduce the debt balance and maintain a healthy solvency ratio.
In the first semester, the company has paid off Sustainable Bonds I Phase II issued in 2019 worth IDR3.36 trillion. The repayment of the bonds, the company noted, resulted in a decrease in SIG’s interest-bearing liabilities and a decrease in financial burdens, thus supporting positive profitability achievements.
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Healthy financial posture is reflected in the idAA+/ ratingpositive from PT Pemeringkat Efek Indonesia (Pefindo), so that SIG shares coded SMGR are now listed in the Pefindo i-Grade index constituent list.
In line with the government’s efforts to create a sustainable economy and reduce the rate of climate change, the company said that SIG continues to innovate by providing low-carbon building material products and sustainable solutions.
Vita explained that one of the efforts made to encourage the optimization of the use of environmentally friendly materials was in the development project in the IKN which carried the concept sustainable and smart city. This project will be a pilot project for other regions in Indonesia to also implement environmentally friendly development.
Read also: Low Carbon Building Materials Become a Necessity
SIG has completed the construction of the SIG Technology Demonstration Building installation in the IKN. This installation demonstrates the application of green cement and derivative products in a model house for low-income communities (MBR) and the application of innovative concrete that can be used to support the construction of landed housing, flats, supporting infrastructure, and various other development needs in the IKN.
In addition to providing more environmentally friendly cement (green cement) and its derivative products, SIG also continues to encourage improvements operational excellencemarket and price management, optimization of production and distribution networks, sustainable development, and financial management through cost efficiency programs and deleveraging.
Not only focusing on growth opportunities in the domestic market, SIG is also targeting increased exports through a special type of pier and cement production facility development project in Tuban, East Java, which is planned to be operational in 2025.
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This project is intended to meet the export needs of a minimum of 500 thousand tons per year in the United States market. The project is one of the realizations of SIG’s strategic cooperation through its subsidiary, PT Solusi Bangun Indonesia Tbk with Taiheiyo Cement Corporation.
In terms of sustainable development, until the end of the first semester of 2024, the company will continue to increase heat energy substitution (TSR) and energy consumption efficiency so that the intensity of greenhouse gas emissions will continue to decrease by 19.21% from baseline 2010.
This achievement, according to the company, was obtained from the development of more environmentally friendly cement production (green cement), through the use of alternative fuels, digitalization for resource efficiency and production optimization, and the use of new renewable energy (EBT). (Ant/N-2)
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