• BDMN net profit was down 8.6% in 2024
Bank Danamon Indonesia (BDMN) recorded a net profit of IDR 3.2T in 2024 (-8.6% yoy). In
contrast, operational income grew by 4% yoy to reach IDR 18.9T in 2024 while preprovisioning
operating profit (PPOP) increased 1% yoy to reach IDR 8.3T in 2024. As for the
intermediation function, BDMN has distributed credit and trade finance reaching IDR 189.4T
in 2024 (+8% yoy), supported by growth in all business lines, namely enterprise banking, then
SME banking, consumer banking, and Adira Finance. BDMN had recorded a NIM of 7.3% on a
consolidated basis. In terms of credit quality, Danamon’s gross NPL ratio was maintained at
a healthy level, or improved by 30 bps yoy to 1.9% as of Dec 24. BDMN has also anticipated
credit risk by increasing the NPL Coverage ratio to 287.2% in 2024, higher than the same
period the previous year of 265.9% in 2023. Meanwhile LAR, which also takes into account the
extension of credit restructuring related to COVID-19, was recorded as 102 bps better
compared to the previous year. In terms of third party funding sources (DPK), Danamon
succeeded in attracting funds of IDR 153.2T (+9% yoy) in 2024.
• PGEO partners with Sinopec Star to develop geothermal energy
Pertamina Geothermal Energy (PGEO) has entered into a partnership with Sinopec Star. This
collaboration is in the context of direct and indirect development of geothermal energy, as
well as opportunities for the development of green hydrogen in Indonesia, China, and other
potential global markets. PGEO itself is part of Subholding Power & New Renewable Energy
(Pertamina NRE). Meanwhile, Sinopec Star is a subsidiary of China Petrochemical Corporation
(Sinopec Group). Sinopec Star has advantages in utilizing geothermal heat with medium and
low temperatures for district heating. Sinopec Star has also developed a hydrogen plant.
Meanwhile, PGEO has experience in utilizing high-temperature geothermal heat for
electricity generation in Indonesia. The competitive advantages of these two companies will
be combined so that they can take advantage of opportunities to utilize cascading energy
and develop beyond energy. In addition, PGEO and Sinopec Star will also exchange technical
expertise, practices, and operational insights to improve geothermal engineering and
technology aspects. The signing ceremony for this collaboration was held at Sinopec Star’s
head office in Beijing. (Kontan)
• PRDA reveals Proline IPO plans
Prodia Widyahusada (PRDA) plans to bring its business unit Prodia Diagnostic Line (Proline)
to conduct an IPO on IDX in the next 2-3 years. That time is needed to develop Proline so that
it is ready for IPO. PRDA had acquired 39% shares of Proline from Prodia Utama on 27 Jun 24.
With an ownership of 39%, PRDA does not have significant influence in Proline and is not
involved in decision making. Proline was founded in 2010 and started production in 2012.
Proline product line includes clinical chemistry reagents, urine strips, molecular products,
immunology, instruments, rapid diagnostic tests, as well as IVD instruments and spare parts
for IVDs. Proline has provided products for 4,800 of the 10,416 community health centers in
Indonesia. Regarding expansion, Proline is building a new facility covering an area of 5,500
m² and a building area of 9,690 m² in Jababeka Cikarang which is targeted to operate in Apr 25. With the new factory, Andi said Proline’s production capacity will increase threefold, to
support the government program. Proline currently produces hematology reagents with a
capacity of 60,000 packs and will increase to 180,000 packs per year. In addition, the
production capacity of Proline clinical chemical reagents will increase to 960,000 kits per
year from the previous 320,000 kits. (Bisnis Indonesia)
