Hoshino
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- Dec 23, 2024
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PT Krakatau Steel (Persero) Tbk
Overview
- Formerly Cilegon Steel Mill
- Largest steel producer in Indonesia
- Based in Cilegon, Banten
- State-owned company
- Founded August 31, 1970
Financials (circa 2020)
- Revenue: USD 166.7 million
- Operating income: USD 76 million
- Net income: USD 22.6 million
Production
- Output in 2019: 3.15 million tons of steel products
Ownership & Structure
- 80% owned by Government of Indonesia
- 20% publicly held
- Subsidiaries in steel, engineering, logistics, IT, energy
Tax Context (Indonesia corporate tax)
- Base corporate income tax: 22% of net taxable income
- Public companies listing ≥ 40% of shares may get a 3% discount → effective rate 19%
- Specific tax treatment may vary for heavy industries; likely follows general rule
Additional Context
- PT Krakatau Steel is not among Indonesia’s largest by revenue.
- Top 2023 companies: Pertamina (USD 75.8 B), PLN (USD 32.0 B), BRI (USD 14.9 B), Mandiri (USD 11.5 B), Telkom Indonesia (USD 9.8 B).
- Krakatau Steel’s USD 166.7 M is comparatively very small.
Summary Table (2020 data)
| Category | Value |
|---|---|
| Revenue | USD 166.7 million |
| Operating income | USD 76 million |
| Net income | USD 22.6 million |
| Production volume | 3.15 million tons (2019) |
| Ownership | 80% Government / 20% public |
| Tax rate | ~22% (possibly 19% if eligible) |
| Scale vs peers | Very small nationally |
Key Metrics (2023 full year)
- Revenue: USD 1.454 billion (Rp 22.45 trillion)
- Net Loss: USD 130.21 million
- Operating Expenses: USD 125.33 million (–6% YoY)
- Share of Profits from Associates: USD 41.41 million
- Liabilities: USD 2.35 billion (down 10% from USD 2.61 B)
- Cash at Year-End: USD 102.7 million (up 30% from 2022)
Additional Financial Performance (2023 vs 2022)
| Metric | 2022 | 2023 |
|---|---|---|
| Revenue | USD 2.24 B | USD 1.45 B (–35.05%) |
| Gross Profit | — | USD 110–113 M (~7.8%) |
| EBITDA | — | USD 34 M |
| Net Income | Positive (tens of millions) | –USD 130.21 M |
| EPS (Basic) | Positive | –USD 0.0068 |
Quarterly and TTM (Trailing Twelve Months)
- Total Revenue: USD 1.6588 billion
- Operating Income: –USD 34.09 million
- Net Income: –USD 122.09 million
- Tax Provision: USD 173.92 million
Trends (5-Year CAGR)
- Revenue CAGR: ~–3.55%
- Net Income CAGR: ~–21%
- Margins: ROE, ROA, and profit margins turned sharply negative in 2023
Summary (All Stats Provided)
- Revenue (2023): USD 1.45 B
- Net Loss (2023): USD 130.21 M
- Operating Expenses (2023): USD 125.33 M
- Associate Income: USD 41.41 M
- Liabilities (2023): USD 2.35 B (–10%)
- Cash (end-2023): USD 102.7 M (+30%)
- Gross Profit Margin (2023): ~7.8%
- EBITDA (2023): USD 34 M
- TTM Revenue: USD 1.6588 B
- TTM Net Loss: USD 122.09 M
- Tax Provision: USD 173.92 M
- 5-Year Revenue CAGR: –3.55%
- 5-Year Net Income CAGR: –21%
- ROE/ROA/Margins: Sharply negative in 2023
Employees
- Number of employees: 4,061
Sales by Activity (fiscal year-end December)
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Steel Products | IDR 1.15 B | 1.94 B | 2.35 B | 1.58 B | 861 M |
| Infrastructure Facilities | — | 270 M | 219 M | 186 M | 207 M |
| Port Services Provider | 101 M | — | — | — | — |
| Engineering & Construction | 36.94 M | 26.49 M | 26.17 M | 12.08 M | 12.1 M |
| Other Services | 123 M | 8.51 M | 5.34 M | 381 K | 1.67 M |
| Eliminations | –323 M | –366 M | –323 M | –127 M | — |
| Real Estate & Hotels | N/A | N/A | N/A | N/A | — |
