GGRP Targets Sales USD 906.64 Million
GGRP Targets Sales USD 906.64 Million. Gunung Raja Paksi Tbk (GGRP) targets increased steel sales volume this year. Therefore, the company’s revenues will increase. In this year, GGRP hopes to increase steel sales volume by 3.3% to 1.25 million tonnes. With the projected steel price of about USD 724 per tonne, the company’s revenue this year is estimated at USD 906.64 Million.
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Currently, the majority or about 96% of GGRP sales are absorb by the domestic market. GGRP usually sells its steel production directly to infrastructure projects. In next year, GGRP steel sales volumes are targeted to increase to 1.3 million tonnes of steel. Sales are potentially up due to the demand of infrastructure projects, especially from the Indonesia new capital.
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The company also offset requests with existing engine upgrades. If the projection is realize, GGRP’s income next year is expect to reach USD 950 Million. The new capital development project, according to GGRP President Director, Alouisius Maseimilian, could cover the decline in sales that occurred in this year. A quiet infrastructure project is on the impact of GGRP steel sales.
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In the future, the company will also develop new steel processing. The company calculates its investment value reaches IDR 10 Trillion. Alouisius mentions, investments are allocate to machines and local content. Development is done in collaboration with steel companies from China, in terms of operations and management.
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For the record, GGRP that has been in Indonesia Stock Exchange (IDX) this year receive an Initial Public Offering (IPO) fund of IDR 1.03 Trillion. The fund proceeds from the release of 1.23 billion new shares at the price of IDR 840 per share. As much as 99.52% of IPO funds are use to repay debts and operating costs. The rest for working capital.
