PT Krakatau Steel Reports 91% Surge in Revenue in H1 of 2021
Indonesian publicly listed state owned steel maker PT Krakatau Steel has reported a 90.9%YoY increase in revenue to USD 1.05 billion in the first half of this year following rising steel demand and prices. The higher revenue helped net profit increase to USD 32.47 million in the first half of 2021, up sevenfold from its low base of USD 4.51 million amid last year’s global economic rout.
Krakatau Steel recorded sales volume of Hot Rolled Coil and Cold Rolled Coil of 995,000 tonnes compared to last year's 692,000 tonnes. Export sales also increased 15 times to 162,243 tonnes from 10,817 tonnes.
Krakatau Steel president director Mr Silmy Karim said "We are optimistic that Krakatau Steel can maintain the positive trend until the end of the year.”