Jakarta, CNBC Indonesia– PT Itama Ranoraya Tbk (IRRA), an issuer engaged in high-tech medical equipment and supplies (HiTech Healthcare Solutions) again posted positive performance growth on an annual (YoY) and quarterly (QoQ) basis.
In semester I-2021, IRRA posted revenue of Rp 565.2 billion, an increase of 611.6% (YoY) compared to the same period last year. On a quarterly basis, revenue in the second quarter of 2021 increased by 47.7% compared to the first quarter of 2021. Net profit also experienced a significant increase of 1.271% (YoY) from Rp3.7 billion in semester 1-2020 to Rp50.8 billion in semester I-2021.
This year, the company’s sales increase came from sales to the retail segment (non APBN/APBD) or non-government. The increase occurred both for Non Electromedical Medical Devices and for In Vitro Diagnostic Products. In Vitro products grew 613.9% with the Covid-19 Antigen Test (Panbio) product as the largest contributor to the In Vitro Product category. During the January – June 2021 period, Panbio’s sales reached 5.5 million units or already within this year’s sales target of 5 – 10 million units.
Following the contribution of the next In Vitro products are Reagents, Apheresis Machines (Convalescent Plasma) and Rapid Non-Covid devices. Sales of non-electromedical medical devices, namely syringes, although not too big in Semester I-2021, increased significantly by 294.8% (YoY). In the second quarter of this year, the company has started to book sales for its new product, Avimac, an immunomodulator for enhancing the body’s immune system.
Marketing Director of PT Itama Ranoraya Tbk Hendry Herman said that this year IRRA added human resources to enter the non-government/retail segment such as private hospitals, clinics, laboratories, pharmacies and also serve purchases from the public.
“Until last year, our customers were still dominated by government agencies, or sourced from the government budget, so the contribution in the first semester was very small. In the second semester, large purchases began. Since the fourth quarter of 2020, we have started to focus on entering non-government/private sectors. or we categorize retail and the results are very good as seen in the first semester,” said Hendry.
In the company’s balance sheet report, there was an increase in assets in semester I-2021 to Rp 975.1 billion compared to the position at the end of 2020 (FY2020) of Rp. 535.3 billion. The largest increase was contributed by an increase in inventory items, which rose from Rp 20.1 billion in full year 2020 to Rp 443.9 billion in the first semester of 2021. The increase in inventory was carried out to anticipate the surge in demand in the second semester which is always the largest annually.
IRRA Finance Director Pratoto Setno Raharjo explained, to anticipate the high demand in the second semester, the company increased the inventory, so that the distribution process of goods to fulfill orders could be faster.
“Because our products are health products that are currently in need, of course it is very important to ensure availability and readiness in terms of supply, especially since we get a trade debt facility from the principals to carry out the stock/inventory, without interest, so there is no costs for the trade payable facility,” explained Pratoto.
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IRRA President Director Heru Firdausi Syarif is optimistic that he can meet the revenue and net profit targets this year, which is targeted to grow in the 80-100% range.
“The revenue and net profit achievement in the first semester was very good, especially the increase in contributions from the private sector and retail which was in accordance with our plan or target, God willing, we are optimistic that it will continue in the second semester. July 3, 2021 and ongoing until now, we see that health spending has increased, so that it has an impact on demand for health products, including IRRA products,” concluded Heru.
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