INOV Expansion to Medan for Plastic Recycling Starting to Take Place

By : Nata Kesuma | Wednesday, October 05 2022 - 07:45 IWST

PT Inocycle Technology Group Tbk ("INOV")
PT Inocycle Technology Group Tbk ("INOV")

INDUSTRY.co.id - Jakarta, 3rd October 2022 – PT Inocycle Technology Group Tbk ("INOV"), an issuer engaged in recycling plastic bottle waste (PET) into Recycled Polyester Staple Fiber (RePSF), has completed construction of a new factory building in Medan. Currently, the Company is in the process of preparing to install plastic bottle recycling machines into RePSF.

The new RePSF plant, which is expected to start commercial operations by the end of March 2023, is expected to add 15% of the Company's total production capacity. The total production capacity of INOV's factories currently reaches more than 40,000 tons per year.

Meanwhile, under the shadow of a slowdown in economic growth due to high inflation rates due to rising prices of various commodities, including fuel price increases related to the protracted Russia-Ukraine war, the Company has adjusted its sales performance target, and remains optimistic that sales can grow positively at 15% by 2022.

INOV is optimistic that the demand for recycled plastic products will continue to grow along with increasing public awareness of the importance of using recycled products.

“We see that the domestic market is growing so that the demand for recycled plastic products will continue to increase. Thus, the target of increasing sales of around 15 percent is reasonable,” said INOV Director, Victor Choi.

In the first Semester of 2022, INOV booked sales of IDR349.08 billion, a 14.3% increase from IDR305.40 billion in the same period the previous year. The Company booked a gross profit of IDR67.27 billion, an increase of 3.7% YoY, while other revenues increased by 149.9% YoY to IDR3.34 billion. However, fluctuations in the rupiah exchange rate have resulted in significant foreign exchange losses resulting in the Company suffering a net loss of IDR6.7 billion in 1st Semester of 2022. In the previous period, INOV booked a net profit of IDR7.9 billion.

News Comment

Today's Industry

Images By : Freepik

Sabtu, 14 September 2024 - 16:56 WIB

Essential Tips for Choosing Personal Health Insurance in the US

Choosing the right health insurance plan in the United States can be a complex task, especially with the variety of options available and the ever-changing landscape of healthcare policy. Here…

Images By : Freepik

Sabtu, 14 September 2024 - 16:53 WIB

The Top 10 Insurance Companies in the US for 2024

In the ever-evolving landscape of insurance, selecting the right company can significantly impact your financial security and peace of mind.

Images By : Freepik

Jumat, 13 September 2024 - 15:37 WIB

Why Airbnb Become Popular in 2024?

Airbnb fosters a more interactive experience between hosts and guests. Through direct messaging, guests can inquire about specific details, negotiate pricing, or clarify expectations, which…

Flag of the United Nations Organization.

Kamis, 15 Agustus 2024 - 14:26 WIB

Modena Officially Becomes a Member of the UN Global Compact

Commited to transforming towards sustainable business practices, Modena the global home appliance established over 60 years ago in Italy, officially became a member of the UN Globe Compact (UNGC)…

Totolink outlet. (Photo: Public Relation of Totolink)

Kamis, 11 Juli 2024 - 22:08 WIB

Totolink Strengthens Commitment to Innovative and Reliable Network Solutions for Indonesia

Marking a strategic step, Totolink Indonesia proudly announces the enhancement of its head office in Jakarta, located at Harco Mangga Dua Blok E No.28, Sawah Besar, Central Jakarta.