ACCOUNT PROFILE

Exports support Krakatau Steel’s profit

Posted on 17 September 2021

In the first seven months of this year, Indonesia's Krakatau Steel booked a net profit of IDR 609 billion ($42.7 million), already exceeding full-year-2020 profit of $23m, Kallanish notes.

The company owes the success to steel sales growth in both local and overseas markets. Despite the pandemic, its sales increased 44.1% year-on-year, boosting revenue to IDR 17.7 trillion over January-July.

Within this total, the value of export sales increased by 515% to IDR 1.98 trillion. "Hot rolled coil and hot rolled plate products are still the main products of Krakatau Steel which are exported to various countries in Europe, such as Portugal, Spain, Italy, Germany, and Belgium, as well as to Malaysia and Australia," adds company president Silmy Karim.

Source : Kallanish