Many Cities Don’t Have Recycling Facilities, INOV Develops a Sustainable Plastic Waste Value Chain System

By : Nata Kesuma | Wednesday, May 03 2023 - 23:00 IWST

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

INDUSTRY.co.id - Jakarta, May 3rd 2023 – Knowing that there are many cities in Indonesia that do not have recycling facilities, PT Inocycle Technology Group Tbk (INOV), continue to develop a sustainable value chain for plastic waste.

For this reason, INOV continues to actively expand by building washing facilities to collect plastic waste in various cities throughout Indonesia.

As a listed company engaged in recycling plastic bottle waste (PET) into Recycled Polyester Staple Fiber (RePSF INOV is keenly aware of the importance of securing raw materials by building a sustainable value chain for plastic waste.

"Securing the availability of raw materials is very crucial for INOV's business continuity. So, the expansion that we are continuing to actively carry out is part of the strategy to secure the sustainability of our PET waste recycling business," said the Director of INOV, Victor Choi.

Meanwhile, INOV's investment in PlasticPay, which provides Reverse Vending Machines (RVM) and Mini Dropbox solutions to collect plastic waste directly from users, has successfully supported INOV's efforts to build a sustainable value chain for plastic waste. Where currently, PlasticPay has more than 60 RVM machines and 600 Mini Dropboxes that are used in various locations.

Thanks to the vigorous expansion steps implemented over the years, INOV has operated factories and washing facilities in 9 cities, such as Tangerang, Solo, Mojokerto, Salatiga, Palembang, Medan, Gowa, Takalar and Subang. The company continues to strive to expand its facilities every year, even during the pandemic it has opened new facilities in Medan and Makassar.

At the beginning of this year, the Company has also expanded its new washing facility in the Subang area.

In the first quarter of 2023, the Company posted a 146% YoY increase in net profit for the year, from IDR 6.09 billion to ID 14.95 billion. The increase in net profit was supported by a decrease in cost of goods sold and an increase in other income due to an improved and stable rupiah exchange rate.

The  company  recorded  net  sales  of  IDR 145.20 billion, down from IDR 184.75 billion in the same period the previous year. The cost of goods sold was recorded at IDR 115.71 billion, down from IDR 149.60 billion in the first quarter of 2022.

Thanks to the steadily improving rupiah exchange rate, in the first quarter the Company enjoyed other income of IDR 25.53  billion,  shoot up compared to IDR 2.35 billion in the same period the previous year.

News Comment

Today's Industry

Wellington College Independent School Jakarta (WCIJ)

Senin, 29 April 2024 - 05:02 WIB

One of the UK’s Most Established Schools Chooses Jakarta for Their Latest Opening

Wellington College Independent School Jakarta (WCIJ) is thrilled to announce its grand opening in September 2024! As the first private UK school to open in Indonesia, WCIJ, a pioneering co-educational…

Presiden Jokowi

Selasa, 23 April 2024 - 10:29 WIB

President Jokowi Reaffirms Commitment to Farmers’ Welfare

President Joko “Jokowi” Widodo on Monday (04/22) inspected corn harvest in Boalemo regency, Gorontalo province. “Our corn import has decreased significantly from 3.5 million tonnes to…

Photo: Aris Nurjani/VOI

Rabu, 28 Februari 2024 - 12:47 WIB

Carsurin and NBRI Strengthen Strategic Alliance to Propel Indonesia’s EV Industry

PT Carsurin Tbk ("Carsurin") and the National Battery Research Institute ("NBRI") are pleased to announce the signing of a pivotal Strategic Alliance Agreement (SAA), marking a significant advancement…

Beras (Foto/Rizki Meirino)

Rabu, 21 Februari 2024 - 08:43 WIB

Gov’t to Continue Disbursing Rice Assistance

President Joko “Jokowi” Widodo has ensured that the Government will continue rolling out the rice assistance program for low-income families. The President made the statement when handing…

Ilustrasi pabrik beras. (Foto: DetikFood)

Rabu, 21 Februari 2024 - 08:40 WIB

Bapanas Head Ensures Availability of Rice Stock Ahead of Ramadan

The National Food Agency (Bapanas) has ensured the availability of rice for the fasting month of Ramadan and Eid al-Fitr 1445 Hijri/2024 CE. “We believe that there is enough rice for the fasting…