PT Sinarmas Multiartha Tbk (SMMA), controlled by Grup Sinarmas, is scouting a Rp2.9 trillion net profit this year, a 70.59% higher than Rp1.7 trillion last year. Revenue is expected to increase 25% to Rp20 trillion.
To reach the target, Director Kurniawan Udjaja said the company is planning to boost its business in life insurance and banking through Asuransi Jiwa Sinarmas and Bank Sinarmas.
"Both unit businesses have made a significant contributions to Sinarmas Multirtha," he said as quoted by Kontan daily on Saturday.
Sinarmas Multiartha plans to allocate Rp221.3 billion capital expenditure this year. The company will use internally generated cash to finance its capex. "We have a Rp400 billion cash position."
Disclosure: No position at the stock mentioned above.
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