INOV Optimistic of 20% Sales Increase in 2022

By : Nata Kesuma | Saturday, January 08 2022 - 13:15 IWST

PT Inocycle Technology Group Tbk ("INOV")
PT Inocycle Technology Group Tbk ("INOV") - Jakarta, PT Inocycle Technology Group Tbk ("INOV"), a listed company in the business of recycling plastic (PET) bottle waste into Recycled Polyester Staple Fiber (Re-PSF), is optimistic its 2022 performance will be better than the previous year.

In line with this, INOV has set a sales target to grow by around 20% in 2022. This target is in line with the increasing volume of demand for the Company's products until the end of 2021, as well as the improvement in the recycling industry driven by the increasing trend of using recycled products by the public.

Victor Choi, as Director of INOV revealed, “We see that this year the industry opportunity and the recycling market potential have improved compared to previous years. Where public awareness in using recycled products has begun to increase in line with the circular economy movement that continues to be encouraged by the Government. Seeing this opportunity, we are targeting to achieve a sales increase of around 20% and a net income of around 25% in 2022.”

At the beginning of 2021 INOV established a sales growth target of 15% for consolidation in 2021. Taking into account INOV's performance realization by the third  quarter  of  2021,  the  Company  is optimistic  that  it  can  exceed  the  2021 target. By September 2021, INOV has managed to record sales growth of up to 22.8% year on year (YoY) or recorded at IDR464.6 billion. Meanwhile, in terms of net income, INOV succeeded in converting losses into profits in the third quarter of 2021, which was recorded at IDR25.7 billion, an increase of 253.6%.

On the other hand, in line with the acceleration and development of the Company's business, through the Extraordinary General Meeting of Shareholders (EGMS) which was held today, changes have been made to the composition of INOV's Board of Directors.

The shareholders approved the appointment of Mr. Kwang Shin Kim as the new Director of INOV replacing Mr. Yoon Chong Hyun. With various experiences under his belt, the Company believes that Mr. Kwang Shin Kim can further move good business growth forward for INOV in the future.

Victor said, "It is hoped that the presence of Mr. Kim as the new INOV Director can accelerate INOV's business development going forward. We believe that his experience and dedication can have a positive impact on INOV's performance in the future,” he said.

For information, until the end of December 2021 INOV has managed to collect around 24 thousand tonnes of plastic bottle waste for recycling. All sources of INOV's raw materials came from local waste, which is obtained from both collectors and manufacturers who have collaborated with the Company. This is in line with INOV's commitment to support the implementation of a circular economy and a waste-free Indonesia in 2025.

News Comment

Today's Industry

 PT Pupuk Indonesia (Persero) won two awards at the same time at the 2022 IDEAS (Indonesia DEI & ESG Awards) event held in Labuan Bajo, NTT, Friday (5/8/2022).

Selasa, 09 Agustus 2022 - 16:10 WIB

Pupuk Indonesia Wins Two Awards in IDEAS 2022

PT Pupuk Indonesia (Persero) won two awards at the same time at the 2022 IDEAS (Indonesia DEI & ESG Awards) event held in Labuan Bajo, NTT, Friday (5/8/2022). The two awards are the Diversity,…

President Jokowi Tuesday (08/09) talks with several ministers in his administration before departing for West Kalimantan province for a working visit via Halim Perdanakusuma Airport, Jakarta. (Photo by: BPMI of Presidential Secretariat/Laily Rachev)

Selasa, 09 Agustus 2022 - 15:08 WIB

President Jokowi Kicks Start W. Kalimantan Working Visit

President Joko “Jokowi” Widodo and First Lady Ibu Iriana Jokowi Tuesday (08/09) departed for West Kalimantan province for a working visit.

Minister of Finance Sri Mulyani, accompanied by Governor of Bank Indonesia (BI) Perry Warjiyo and Chairperson (KPK) Firli Bahuri, (RAPBN), at the Presidential Palace, Jakarta, Thursday (08/08). (Photo by: PR of Cabinet Secretariat/Rahmat)

Selasa, 09 Agustus 2022 - 14:15 WIB

Sri Mulyani: 2023 Budget Must Stay Flexible in Facing Global Economic Turbulence

The Government has announced it is strengthening the country’s economic resilience through the 2023 State Revenue and Expenditure Budget Draft (RAPBN) amid the ongoing global economic uncertainty.

PT Dharma Polimetal Tbk (“DRMA”)

Selasa, 09 Agustus 2022 - 13:45 WIB

DRMA Books 45%YoY Increase in Net Profit in 1st Half 2022

PT Dharma Polimetal Tbk (“DRMA”), a listed company engaged in automotive component manufacturing business posted a net profit of IDR143.62 billion in the first semester of 2022, up 45 percent…

PT Alkindo Naratama Tbk (“ALDO”)

Senin, 01 Agustus 2022 - 11:18 WIB

ALDO Books 31% YoY Net Profit Increase in 1st Semester 2022

PT Alkindo Naratama Tbk (“ALDO”), a listed company engaged in the integrated paper and chemical business, posted a net profit of IDR39.31 billion in the first half of this year, increase…