Until the third quarter, Steel Pipe (ISSP) posted a 686.60% profit growth

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Until the third quarter, Steel Pipe (ISSP) posted a 686.60% profit growth

PT Steel Pipe Industry of Indonesia Tbk recorded fantastic net profit growth. The reason is, the company posted current period profit of Rp 122.24 billion in the third quarter of 2019.

Whereas, previously the pipe producer which owns the stock code "ISSP" only posted a net profit of Rp 15.54 billion in the third quarter of 2018. If calculated, the current period's profit growth recorded by the company reached 686.60% on an annual basis.

On the Sales and Services Revenues side, ISSP also recorded an annual growth of 66.14% (year-on-year / yoy) from Rp 3.38 trillion in the third quarter of 2018 to Rp 3, 60 trillion in the third quarter of 2019.

Most of the company's revenue is supported by sales and services at the domestic level with a portion of around 92.25%. Meanwhile, as much as 7.75% of the remaining revenue is supported by sales and services carried out by the company on an export basis.

PT Steel Pipe Industry of Indonesia Tbk Investor Relations, Johannes Edward said the company's rapid profit growth was caused by a number of efficiency improvement measures undertaken by the company.

"I cannot convey in detail, but the profit growth was caused by inventory management and customer education," Johannes explained to Kontan.co.id, Tuesday (10/29).

When looking at ISSP's third quarter of 2019 financial statements, the increase that occurred at ISSP expense items was indeed far below the company's revenue growth.

In cost of revenue, for example, the increase in ISSP's cost of revenue was only recorded at 4.42% yoy, from Rp 2.98 trillion in the third quarter of 2018 to Rp 3.12 trillion in the third quarter of 2019.

As a result, ISSP posted a gross profit of Rp 488.97 billion. This figure is 23.07% higher than the gross profit in the same period in the previous year which was only Rp 397.29 billion.

Johannes said that ISSP will continue to defend and improve the company's performance in order to achieve the targets the company has set this year.

To note, this year ISSP is targeting revenue growth of 20% and significant margin improvement compared to last year.

Until the third quarter, ISSP has absorbed as much as 70% of this year's capital expenditure (capex) budget of Rp 50 billion. According to Johannes, most of the uptake is only used for maintenance purposes.

Meanwhile, capex budgeted for next year is estimated to be in the range of Rp 50 - Rp 100 billion. Like this year, most of the capital expenditure for next year will be used to finance the needs of asset maintenance or maintenance.

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