Aldira Sunrise 27 Agustus 2024

JPFA subsidiaries aim for three new countries
Vaccindo Satwa Nusantara, a subsidiary of Japfa Comfeed Indonesia (JPFA), targets to expand its export market by adding three new countries in Southeast Asia in the remainder of 2024. To achieve this export target, the company needs a registration process abroad that can take 2 to 3 years. To date, the company has successfully exported products to 19 countries, including Malaysia, Myanmar, the Philippines, and India. Meanwhile, Agrinusa Jaya Sentosa (AJS), part of Japfa, with products marketed to Malaysia, Myanmar, India, and Pakistan, targets Vietnam and Nigeria as new markets. The two subsidiaries are targeted for double-digit growth, namely 10% in the remainder of 2024. One of the strategies being intensified is expanding their export markets in strategic countries. (Kontan)
MEDC divested its assets in Libya and Vietnam
Medco Energy International (MEDC) recently completed the divestment of oil and gas assets in the Libya Area 47 Contract to Libya National Oil Corporation (NOC) in May 2024. Both agreed to transfer MEDC’s participation rights of 50% in the exploration and production profit sharing agreement (EPSA) in Contract Area 47, as well as the company’s entire share ownership of 24.5% in the joint venture, Nafusah Oil Operations B.V. Apart from that, MEDC has also divested all of its share ownership in Ophir Vietnam Block 12W B.V. to Bitexco Energy Company Limited in April 2024. Ophir Vietnam Block 12W B.V. or OVBV is recorded as holding 31.87% participating rights in Chim Sao and Dua (Block 12W), namely oil and gas production fields in Vietnam. The divestment was conducted to boost efficiency. (Bisnis Indonesia)
TLKM retire 1,008 employees early for efficiency
Telkom Indonesia (TLKM) is running an early retirement program for 1,008 employees throughout 1H24 as an efficiency measure. However, the program will not be continued in 2H24. EBITDA slightly declined in 1H24 due to the program implementation. Meanwhile, by excluding the early retirement program, normalized EBITDA grew 1.9% yoy to IDR 39.1T in 1H24 with an EBITDA margin of 51.9%. This year, TLKM is targeting low-single-digit revenue growth with EBITDA ranging from 50% -52%. Apart from that, capex to revenue is targeted to reach 22-24%. (Bisnis Indonesia)