Kimia Farma to cut investment, costs, but expects higher revenue amid COVID-19

first_img“Back in 2017 to 2019, we were focused on investments for our new plant in Banjaran, West Java, as well as our other production facilities for raw materials in Jakarta and [for] syringes in Cikarang, West Java,” Verdi said during a hearing on Tuesday with House of Representatives Commission VI overseeing trade, industry and state-owned enterprises (SOEs).During the same three-year period, the publicly listed company also expanded its business by opening more retail pharmacies, clinics and diagnostic laboratories in the country, as well as by developing health and beauty products. It also acquired Saudi Arabia’s Dawaa Medical Limited Company to establish retail pharmacies abroad.Verdi said that Kimia Firma also planned to reduce its business loans this year, from Rp 8.27 trillion in 2019 to just Rp 7.43 trillion, but did not elaborate on how it would achieve this.“We are also slashing our operating expense budget to Rp 3.5 trillion this year, Rp 280 billion lower than Rp 3.76 trillion previously,” he said. State-owned pharmaceutical company PT Kimia Farma plans to cut capital allocation and costs to maintain its performance during the COVID-19 pandemic, but still expects to see increased revenue this year.President director Verdi Budidarmo said on Tuesday that the company was lowering its capital allocation for the year to Rp 1.44 trillion (US$92.38 million), almost 38 percent lower than last year’s allocation of Rp 1.98 trillion.The company’s capital allocation totaled Rp 4.67 trillion in 2017-2019, when it completed most of its investments. Despite the tougher challenges this year, Verdi expressed confidence during the hearing that the company would earn 25 percent more revenue this year through its continuing support for the Health Ministry, the Disaster Mitigation Agency (BNPB) and other relevant state institutions in the nation’s fight against COVID-19.“With our support in providing medicines, medical equipment and services in managing the COVID-19 pandemic, we believe that we can achieve our revenue target of Rp 11.7 trillion this year,” he said.Last year, Kimia Farma made  Rp 9.4 trillion in revenue, up 11.13 percent compared to its revenue in 2018.The company’s shares have increased 2.4 percent since January, and increased 6.22 percent on Wednesday morning to Rp 1,280 per share.Topics :last_img read more

Zamalek Will Not Play Until after Cure Found for Covid-19

first_imgThe club’s team captains, Hazem Emam and Shikabala, have issued a statement to announce they will not continue the league.“We won’t go on the pitch before the coronavirus is gone and a cure is found,” Emam wrote on his Instagram account.“No-one can force us to risk our lives, especially after our teammate Mohamed Awad tested positive.“I want to inform you that as one of the team’s captains, my teammates and I won’t sacrifice our lives and the lives of our family members just to resume the league and please (rival club) Al Ahly and the people who support them.”So far, there are more than 22 cases in the league after tests were carried out on the players.Emam added in his Instagram post he would seek to raise the issue with the country’s president Abdel Fattah Al-Sisi should the league be resumed.“The players are ready to do whatever it takes even if it means meeting with his excellency the president to explain to him that the Egyptian FA is sacrificing the lives of his people, just to please a certain club,” he said.Zamalek President Mortada Mansour also announced his club’s withdrawal from the Egyptian Premier League after consulting with the first team coach Patrice Cateron.It remains unclear the consequences of Zamalek’s decision on the club’s representation at the CAF Champions League, with the five-time African champions are poised to face Morocco’s Raja Casablanca in the semi-final stage of the competition.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Players of Egyptian Premier League side Zamalek have refused to resume training or return to complete the current season unless “a cure for coronavirus is found.”Football activities in Egypt are due to return on 25 July after the government allowed teams to resume training this month – despite the growing spread of the virus in Egypt, with more than 66,000 confirmed cases.Zamalek’s refusal to resume the current campaign comes after the team’s goalkeeper Mohamed Awad revealed he had tested positive for coronavirus on 26 June.last_img read more