Board of Commissioners Report
  • Dear Shareholders and Stakeholders.

    Praise God Almighty for His blessings that in 2021 the Company achieved much better business growth than previous year amidst all the challenges.

    Covid-19 pandemic which started in early 2020 and the delta variant in 2021 were the challenges for economic recovery. Gratefully the Indonesian government successfully over come those challenges with the implementation of Community Activities Restrictions Enforcement (CARE) and Vaccination which proven to be effective in reducing the spread.

    In addition to that, the economic stimulus given by the Indonesian government through National Economic Recovery program gave positive result to the public welfare which was reflected in the 2021 national economic growth of 3.69% with a controlled inflation of 1.87%.

    In line with better national economy, the Company achieved a very good growth which as above the target. The company directors implement the right strategy which enable Company to earn profit USD58.05 million in 2021 which increased 112.69% or USD30.76 million from previous year.

    Assessment of the Performance of the Directors

    Facing the challenges in 2021, the directors established strategical policies ensuring the Company could operate at its best and achieved the targeted business growth. To tackle operational risks, the directors implement policies, among which were health protocols in the Company working environment, establishment of Covid-19 task force and vaccination for employees and their families. Board of Commissioners considered that was the right policy to protect the health and
    safety of the employees and families and their activities.

    The directors remain focus in realising the Company program and plans of various business activities. The director success in implementing the strategical policy was reflected in the Company 2021 financial result which exceeded the target. For such good achievement, the Board of Commissioners appreciated the directors and the management team who had managed the Company successfully in 2021 and hoped the directors be ableto maintain the good work and to improve in years to come.

    The Board of Commissioners had strong interest to the directors in implementing the strategy which was suitable for medium to long term plan that the Company set. 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 suggestions 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 in relation to managing the Company. Both Board of Commissioners and directors prioritized and respected each individual authority in carrying out the work harmoniously.

    View on Business Prospects Compiled by the Directors

    In 2022 Indonesian economy is predicted to be better in line with the success of vaccination program and the transformation of status from pandemic to endemic so that people can resume to normal activities like before while maintaining the awareness for clean and healthy life, the new normal. Indonesia holds Presidency and becomes host for G-20 meeting in 2022. Hope this will be an opportunity to boost national and global economic recovery.

    The Board of Commissioners have reviewed the directors work plan and business prospect for the year 2022 and consider the targets are realistic and the strategy will strengthen the Company position.

    Nevertheless, the Board of Commissioners remind the Directors to be vigilant in carrying out the operation and continue to enforce health protocols strictly considering the pandemic is not over yet.

    View on the Implementation of Corporate Governance

    The Board of Commissioners considered that consistent implementation of Good Corporate Governance will benefit the Company in gaining trusts from the stakeholders. Therefore, the Board of Commissioners support and encourage Directors to progressively improve the mechanism, structure, and 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 Company consolidated financial report ended on 31 December 2021 had been accepted and approved by the Board of Commissioners.


    Finally, we would like to appreciate the concerned parties for the continuous cooperation, support and trust to the Company all this time. We hope such good cooperation and mutual support will continue and improve.


Investor Relations
  • Board of Commissioners Report
  • Directors Report
  • Management Discussion and Analysis
  • Consolidated Statements of Profit or Loss and Other 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