CSAP Books Net Profit of Rp 220 billion in 2021, Targets 100 Mitra10 in 2030

JAKARTADAILY.ID – PT Catur Sentosa Adiprana Tbk (IDX: CSAP), the parent company of the modern retail network Mitra10 and Atria posted solid performance growth throughout 2021.

CSAP managed to record a surge in net profit (Comprehensive Profit Attributable to the Parent Entity) by 144 percent to Rp 220 billion, compared to the same period in 2020, which was Rp 90 billion.

CSAP, which started as a 40m2 paint shop “Sentosa” in 1966, managed to record Sales & Operating Revenues of Rp14.24 trillion, a 12.5 percent ​​growth compared to the same period last year of Rp12.65 trillion. Sales of Discontinued Goods were recorded at 13.5 trillion while Consignment Sales were at Rp. 730.1 billion throughout 2021.

"This slick performance throughout 2021 was supported by the two business segments owned by the Company, namely the Distribution Segment which contributed 64 percent and the Retail Segment which contributed 36 percent to Net Sales," said CSAP's Corporate Secretary, Idrus Widjajakusuma in an official statement, Sunday, April 17, 2022.

The Distribution Segment, which serves the distribution of building materials, chemicals, and consumer goods throughout 2021, grew 12.7 percent, while the Retail Segment, represented by Mitra10 and Atria, managed to grow 12 percent.

"This achievement is a separate note considering the limitations of operations and activities during the pandemic," said Idrus.

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Idrus explained that solid sales performance and low growth in the Cost of Goods Sold for Discontinued Goods had a positive impact on CSAP's Gross Profit. Throughout 2021 Gross Profit was recorded at Rp2.29 trillion, growing 16.1 percent compared to the same period last year of Rp 1.97 trillion.

A positive performance was also recorded as Operating Profit, after deducting Operating Expenses and adding Other Operating Income.

“Operating profit was recorded at Rp 516.60 billion, growing convincingly 58.2 percent. Meanwhile, Profit Before Tax was recorded at Rp 288.06 billion, growing 151 percent compared to the same period in 2020, which was Rp 114.75 billion he added.

Expansion Strategy For Sustainable Growth

Idrus said that CSAP continues its aggressive expansion in the modern retail segment, in 2022 the Company plans to add 4 new Mitra10 stores and 4 new Atria stores. From this target, 1 43rd Mitra10 new store was inaugurated in January 2022 in Pekanbaru city and 2 16th Atria showroom in Pekanbaru, Riau and the 17th was inaugurated in early April 2022 in Pasar Baru, Tangerang.

Furthermore, Mitra10 will follow in Cibinong - Bogor, Jakarta (Pondok Bambu) and Lampung. In addition to opening new stores, the Company also plans to re-model 4 of Mitra10's old stores.

“Thus, by the end of 2022, CSAP will have 46 Mitra10 stores and 19 Atria stores. CSAP is optimistic that the target of 50 Mitra10 stores will be achieved in 2023 and will make Mitra10 the largest and most comprehensive modern retail network in Indonesia," said Idrus.