Indonesia’s Chandra Asri’s net profit hit record high in 2016
The company’s net profit in 2016 soared by 1,043% to $300.1 million from $26.3 million in 2015. The company officials said this was a net profit record for the company.
The significant rise in the company’s net profit was attributed to the rise in revenue by 40% to $1.93 billion in 2016 from $1.37 billion in 2015 as well as the increase in sales volume by 64%. This was right in line with the 43% capacity extension of the cracker, which was completed in 2015.
The officials highlighted their intention to continue their strategy to be more involved in the downstream and expand to meet the domestic demand which is on the rise, the reports revealed. As part of this strategy, the company is planning to complete the process of increasing its butadiene production capacity from 100,000 tons/year to 137,000 tons/year in 2018. TPIA, a joint venture between the company and Michelin, is also expected to complete the construction of a 120,000 tons/year solution styrene butadiene rubber plant (SSBR) in 2018.
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