Board of Commissioners Report
  • Thanks to God Almighty for His blessings and grace to all of us.

    We are pleased to convey to all stakeholders, amidst the slowing global economic growth throughout 2019, the Company presented 2019 operational performance which was even better than the previous year.

    Crude oil prices in 2019 were more stable than the year before. As reported last year the world crude oil prices dropped drastically at the end of 2018. In 2019 the drop of the average crude oil prices affected the revenue, however the gross profit value and margin increased.

    In 2019 the Company recorded revenues of USD 322.1 million, 8.1% lower than that in 2018, but the gross profit margin increased to 10.5% in comparison to 9.30% of the previous year. The gross profit value also increased by USD 1.4 million or 4.2% from 2018. With such achievement, the Board of Commissioners considereds that the Directors has managed the Company properly.

    On the recommendation of the Audit Committee and careful evaluation of the Company's audited consolidated financial statements for the year ended 31 December 2019, the Board of Commissioners has approved and accepted these financial statements.

    Prior to the end of 2019, we have reviewed the Director's business prospects and work plans for the coming year and long-term targets. Even though the national economic growth in 2019 did not reach the target, various policies have been taken by the Government so that economic growth of 5.02% could be achieved and the inflation rate was maintained at 2.72%. It is expected that in 2020 the world crude oil prices and exchange rates will be stable, tension of trade war between countries will subside and the world and Indonesia economy will continue to recover. With the expectation of improved business conditions, the Company's performance is expected to improve in 2020 and give maximum value to shareholders.

    However, since Corona virus spread to various countries including Indonesia in January 2020, the economic and business predictions have changed. Some financial institutions predicted negative economic growth in 2020. Up to the date of submission of this report, the Company's operations have not been much affected by the Covid-19 pandemic, but a prolonged spread may eventually affect the Company.

    In addition to the Covid-19 pandemic, the sharp drop of world crude oil prices has also occurred since early 2020. This price drop will impact to the raw materials prices and to the product selling prices. Similar fluctuations of crude oil price also happened in 2008 and 2014. During which the Company's Directors handled and managed the conditions well. We believe, with experience and professionalism of the Directors as well as solid team of all levels, the Company will overcome the challenges.

    In implementing good corporate governance, the Board of Commissioners is assisted by the Audit Committee in reviewing the Company's financial statements, the independence of the Public Accountant, the adequacy of internal control, and in evaluating the total remuneration package for the Board of Commissioners and Directors as well as the Company's compliance with applicable rules and regulations.

    Finally, we offer our great appreciation to the management and the employees for their dedication and efforts in maintaining the Company's performance. We would also like to express our deepest gratitude to our shareholders, business partners, creditors, suppliers, customers and all parties for their continued support to the Company all this time. May all of us immediately free from this prolonged pandemic.



Investor Relations
  • Board of Commissioners Report
  • Directors Report
  • Management Discussion and Analysis
  • Consolidated Statements of Comprehensive Income
  • Consolidated Statements of Financial Position
  • Financial Highlights Graphics
  • Ratio Analysis
  • Business Prospect and Strategy
  • Competitive Advantage and Risk Management
  • Prospectus & Articles of Association
  • Shares, Dividends and Chronology of Company Listing
  • The Significant Laws and Regulations Changes
  • Annual Reports
  • Consolidated Financial Statements