Dear Shareholders and Stakeholders.Praise God Almighty for His blessings that amidst the deceleration of global economic growth in 2023, the Company still recorded a positive performance.2023 was a year full of uncertainties, where the geopoliticaleconomic fragmentation increased. The tensions between the United States of America and China as well as between Israel and Palestine are some of the factors the cause the global recovery process slowing down. Global economic challenges are characterized by a slow decline in inflation, thus encouraging monetary tightening with high interest rates.In the midst of slowing global economy, fortunately the Indonesian economy continued to grow and resilient, supported by domestic and export demand. Indonesia recorded fairly good economic growth of 5.05%, in line with Bank Indonesia’s projection which estimated growth to be in the range of 4.5% to 5.3%. We believe the regulator will continuosly monitor geopolitical development and take positive actions to mitigate potential negative impacts on Indonesian economy.Notwithstanding the challenging conditions, the Company was still able to maintain positive performance, even though it was still below the target. The Company’s Directors has implemented the right strategy which enable the Company to record profit of USD21.4 million in 2023 and EBITDA of USD 28,7 million.
Assessment of the Performance of the DirectorsFacing the challenges in 2023, the Directors established strategic policies to ensure the Company could operate at its best and achieved the targeted business growth. Board of Commissioners consider that these policies are effective to overcome the challenges and Directors has succeeded in maintaining the stability of the Company’s operations.The Directors remain focus in realising the Company program and plans of various business activities. The Directors’s success in implementing the strategical policy was reflected in the Company 2023 financial result which still positive amidst adverse global economic conditions. For such good achievement, the Board of Commissioners appreciated the directors and the management team who had managed the Company successfully in 2023 and hoped the Directors be able to maintain the good work and to improve in years to come.The Board of Commissioners have great attention to the Directors’s strategy to achieve medium as well as long term plan of the Company. The Board of Commissioners optimized the Audit Committee function to supervise the Directors specifically and thoroughly during implementing the strategies and policies.The Board of Commissioners actively provides advice and directions to the Directors to ensure the business growth strategy meets the plan concluded and set in the collective meeting between Directors and Board of Commissioners. During that meeting, the Board of Commissioners gave advice and suggestions related to Company management. Both Board of Commissioners and Directors put forward the principle of mutual respect of each individual authority in carrying out the work harmoniously.
View on Business Prospects Compiled by the DirectorsThe Indonesian economy in 2024 is predicted to remain strong and optimistic even though it will slow down slightly due to impact from global economy slowdown. Improvement of domestic economy is expected to be continued, supported by resilient domestic demand and stable purchasing power in the middle of inflation. Board of Commissioners assess that the Company has the potential to seize business growth from these economic conditions, one of which is by optimizing better services to the Company’s customers.We have reviewed the Directors work plan and business prospect for the year 2024 and consider the targets are realistic and that the strategy applied by Directors will strengthen the Company position.Nevertheless, the Board of Commissioners remind the Directors to be vigilant in carrying out the operation and risk management.View on the Implementation of Corporate GovernanceThe Board of Commissioners considered that the Company has been well managed in accordance with consistent implementation of Good Corporate Governance and also applicable laws, which in turn will benefit the Company in gaining trusts from the stakeholders. Therefore, we support and encourage Directors to progressively improve the mechanism, structure, and the Company functional organs for better Corporate Governance.In carrying out the task, the Board of Commissioners is assisted by the Audit Committee in reviewing the Company financial report, Public Accountant Independency, Internal control sufficiency, and in evaluating total renumeration for the Board of Commissioners and Directors, also in abiding to the prevailing rules and regulations.Having been evaluated and recommended by Audit Committee, the Board of Commissioners approved and accepted the Company consolidated financial report ended on 31 December 2023.AppreciationFinally, we would like to appreciate all stakeholders for the continuous cooperation, support and trust to the Company all this time. We greatly hope such good cooperation and mutual support will continue and improve in the future.
-bt24-
Board of Commissioners Report