Processing 43,100 tonnes of Used Plastic Bottles, INOV's Sales Grow 9% In 2022

By : Nata Kesuma | Saturday, April 01 2023 - 11:57 IWST

 PT Inocycle Technology Group Tbk (INOV)
PT Inocycle Technology Group Tbk (INOV) - Jakarta, March 31 2023 – PT Inocycle Technology Group Tbk (INOV), a listed company engaged in recycling plastic bottle waste (PET) into Recycled Polyester Staple Fiber (RePSF), booked sales of IDR 691.53  billion  in  2022,  growing  9%  from  IDR 633.30 billion in the previous year.

To achieve this sales growth, in 2022, INOV alone processed 43,100 tons of used plastic bottles or around 3 billion bottles. While its subsidiary PT Plasticpay Teknologi Daurulang in the same year processed 43,220.7 kg of used plastic bottles or a total of 2,666,648 million plastic bottles. During 2020-2022, the Plasticpay has collected and processed 77.2 tons of plastic bottle waste.

Domestic sales, which contributed 90% of the Company's total revenue, grew by 8%, from IDR 574.67 billion in 2021 to IDR 621.71 billion in 2022. Meanwhile, INOV's export sales increased significantly by 19%, from IDR 58.63% to IDR 69.82 billion.

By type of product sold, fiber products still dominated INOV’s sales, amounting to IDR 486.23 billion, growing 10% YoY, followed by non-woven products (non-woven) which amounted to IDR 145.06 billion, grew 8% YoY, then homeware and other products which amounted to IDR 60.25 billion, grew 6% YoY.

However, the uncertainty of the global macroeconomic situation in 2022, especially related to exchange rate volatility and rising commodity prices, has forced the Company to bear increased costs which are higher than the increase in sales.

Cost of goods sold increased by 12% to IDR 557.54 billion while operating expenses increased by 17% to IDR 107.51 billion. Finance costs rose 37% to IDR 27.39 billion, while the loss on foreign exchange reached IDR 42.37 billion compared to a foreign exchange gain of IDR 5.47 billion in 2021. As a result, in 2022 the Company booked a loss of IDR 36.39 billion, compared to a profit of IDR 27.32 billion in the previous year.

"In an uncertain situation in 2022 included the outbreak of the Russia-Ukraine war, we should be grateful that INOV can still achieve 9% sales growth. We hope that economic recovery will take a place even faster, so that INOV's performance can be even better this year," said INOV Director, Victor Choi.

The company is determined to continue actively expand to increase production and sales, while increasing efficiency by continuing to build a network of factories as well as places for collecting and exchanging plastic bottle waste in various cities in Indonesia.

Currently, the subsidiary Plasticpay has more than 600 Dropbox points and more than 50 Reverse Vending Machines (RVM) spread across Jakarta, Bogor, Depok, Tangerang, Bekasi, Bandung and Bali.

News Comment

Today's Industry

CleverTap logo

Jumat, 02 Juni 2023 - 15:50 WIB

CleverTap launches local deployment of its SaaS platform in Indonesia

CleverTap, the leading global B2B SaaS platform for customer engagement and retention, has made its platform available within Indonesia through data centers hosted on Amazon Web Services (AWS),…

President Jokowi inaugurated the 2nd Kretek Bridge, in Bantul, DI Yogyakarta, Friday (02/06/2023). (Photo: BPMI Setpres)

Jumat, 02 Juni 2023 - 15:10 WIB

Inaugurated by the President, the Kretek 2 Bridge Strengthens the Java Southern Route

RI President Joko Widodo (Jokowi) inaugurated the Kretek 2 Bridge, Friday (02/06/2023) morning, in Bantul Regency, DI Yogyakarta. This bridge will support the Southern Cross Road (JJLS) which…

President Jokowi led the Pancasila Harlah Commemoration ceremony, which was held in the National Monument Area, Jakarta, Thursday (01/06/2023). (Photo: Public Relations of Setkab/Oji)

Jumat, 02 Juni 2023 - 14:00 WIB

President Jokowi: Pancasila is the Foundation of Indonesia's Success in Facing Global Challenges

In the midst of the global crisis, Indonesia is one of the few countries that has succeeded in maintaining economic, social and political stability as well as controlling inflation, growing…

Minister of Investment/Head of BKPM Bahlil Lahadalia (Photo: Public Relations of Setkab/Rahmat)

Jumat, 02 Juni 2023 - 13:30 WIB

President Encourages Acceleration of Electric Battery Ecosystem Development

Indonesian President Joko Widodo (Jokowi) encourages the acceleration of investment realization for the development of the electric car battery ecosystem which will be carried out in the Bantaeng…

Huawei earns MOCN Partners Award from Indosat

Rabu, 31 Mei 2023 - 16:30 WIB

Huawei Recognized as Outstanding Partner from Indosat in MOCN Partner Awards for Successful Network Integration

Indosat Ooredoo Hutchison (Indosat), has achieved a significant milestone in its mission to connect and empower the people of Indonesia, after completed the merger in January 2022.