Board of Commissioners Report
  • Praise be to God Almighty for His blessings and Mercy to us all.

    We gratefully present to all Stakeholders, amidst these tough economic conditions, in 2020 the Company achieved a net profit of USD 27.29 million which was an increase of USD 15.91 million from previous year.

    After the trade war tensions between the United States and China eased at the end of 2019, the uncertainty reemerged in early 2020. The world was in panic caused by the rapid spread of the Covid-19 virus.

    The pandemic had bigger impact than the trade war tension the year before. Global economic activity shrank sharply. The economy of some countries, including Indonesia,
    contracted.

    The crude oil price dropped drastically in 2020, especially at the end of the first quarter. The price drop was triggered not only by the tension between Saudi Arabia and Russia but also by the uncertainty of business and restrictions of activities caused by Covid-19 virus outbreak.

    During this challenging condition surfactant and health related industries experienced growth. This growth was a result of an increase in demand for multi-vitamins, supplements, hand wash, liquid antiseptics, detergents, and others.

    Increase in demand for detergent and handwash coupled with short supply of Alkylbenzene in the market due to operational issues of other Alkylbenzene producers have resulted a surge demand for the Company's products.


    Assessment of the Performance of the Directors

    The Directors enforced new regulations to the Company's employees to protect their health and safety. Despite of limited activities, the Company operated quite smoothly such as on time deliveries to customers undisturbed which was indirectly contributed in keeping the cleaning products available in the market to serve public demand.

    Recognizing the Company 2020 achievement results, the Board of Commissioners assessed that the Company's Directors have managed the Company very well. The Board of Commissioners expressed its appreciation to the Directors and all levels of management for their hard work throughout 2020 and encouraged the Directors and staff to keep on improving their performance in the years to come.


    Supervision of the Company's Strategy

    The Company achievement in 2020 proved that the implementation of policies and strategies by the Company's Directors successfully brought the Company to good result in 2020 and has potential to grow.

    The Company achievement also reflected a good communication between the Board of Commissioner and Directors also proved the effectiveness of the supervisory function of the Board of Commissioners on the Directors implementation of policies and strategies by ensuring these policies and strategies were in line with the Company's longterm achievement policies.


    View on Business Prospects Compiled by the Directors

    The Board of Commissioners has reviewed the Directors business prospects and workplan for 2021. The Indonesian economy is predicted to be recovering in 2021, driven by widespread vaccinations and ongoing stimulus. The community will return to routine activities as before with the awareness of maintaining health and hygiene which is more vigilant (new normal).

    We consider that the targets set are realistic targets, and the Director's strategies will strengthen the Company's position. With this assumption, it is hoped that the Company's will perform well and grow again in 2021 and will give maximum value to Shareholders.


    The Frequency and Method of Providing Advice to the Members Directors

    In 2020, the Board of Commissioners held 6 (six) joint meetings with the Directors. These regular joint meetings discussed the latest business conditions and quarterly performance reports. If there were important matters that needed to be asked to the Directors or Directors wanted to exchange opinions with the Board of Commissioners, a meeting could be held at any time. The meeting gave the Board of Commissioners an opportunity to suggest or to advise the Directors among others regarding managing the Company, and implementation of strategic policies.


    View on the Implementation of Corporate Governance

    In carrying out supervisory duties and responsibilities in corporate governance, the Board of Commissioners is assisted by the Audit Committee in reviewing the Company's financial statements, the independency of the Public Accountants, the adequacy of internal control, and in evaluating the total remuneration package for the Board of Commissioners and the Directors, as well as in ensuring the Company's compliance with the applicable rules and regulations.

    Upon the recommendation of the Audit Committee and careful evaluation of the Company's audited consolidated financial statements for the financial year ended 31
    December 2020, the Board of Commissioners has approved and accepted the financial statements.

    The implementation of Good Corporate Governance in the Company continues to show good development. The Company continues to improve the mechanism, structure and functions of the Company's organs in order to achieve better Corporate Governance.


    Appreciation

    Finally, we would like to appreciate the management and employees for their dedication and hard work during this difficult time. We would also like to express our deepest gratitude to our Share holders, business partners, creditors, suppliers, customers and all parties for their continued support and trust in the Company throughout this time.




    -ys-

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