JAKARTA (Yosefardi) – State cement maker PT Semen Indonesia Tbk (SMGR) is now proposing to get Rp1.5 trillion through the export credit agency (ECA) for funding its business expansion next year.
The company had secured loan commitment of Rp3.5 trillion from the syndication of state banks. SMGR allocates Rp6 trillion for business expansion next year, compared to Rp4-5 trillion for this year.
It plans to build 2 new cement mills in 2015, Indarung VI located in Padang (West Sumatra) and in Rembang (Central Java), which cost Rp7 trillion. SMGR plans to buy production machines from Germany and United State.
For 2013, SMGR booked unaudited net profit of Rp5.9 trillion, grew by 16% from Rp4.9 trillion in 2012, higher than 10% growth set on business plan and budget. Vietnam-based Thang Long Cement Company (TLCC), acquired in late 2012, also supported the profit growth.
SMGR also reported unaudited revenue of Rp24 trillion in 2013, a 22.4% growth compared to 19.5 trillion in previous year.
SMGR targets its revenue to grow by 20% to Rp29 trillion this year while net profit is targeted to increase by minimum 10% to Rp6 trillion.