Indonesia’s Avia Avian Pulls Off Asia’s Largest Paint IPO, Paints Promising Future:
Going forward, the company is planning to have its products available in more cities across the archipelago. To support the expansion, the company is building its third factory in West Java's port city of Cirebon that is slated to be operational in 2025.
Avia Avian is the largest company for waterproofing, wood and metal paint with more than 20% of the domestic market share in terms of sales last year, according to consulting firm Frost & Sullivan.
Despite a challenging time amid the pandemic, Avia Avian managed to record a revenue of 5.7 trillion rupiah last year, an increase of almost 2% compared to 5.6 trillion rupiah the previous year. While net profit reached 1.49 trillion rupiah last year, up 16% from 1.28 trillion rupiah the previous year.
This year, as the economy is recovering thanks to the easing of restrictions from the government, the company was able to post revenue of 2.7 trillion in the first five months, a 35% increase from the same period last year. Meanwhile, net profit in the period reached 751 billion rupiah, almost a 95% jump from 386 billion rupiah the same period the previous year, thanks to increased sales from architectural paints that has better profit margins.
“Our number one position in the decorative paint industry is a testament to the ability of local Indonesian companies to be able to develop domestically to be a market leader and provide unmatched quality products to meet the growing aspirations of the Indonesian people," said Hermanto, president commissioner of Avia Avian.
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