ER
PT Multi Bintang Indonesia Tbk (MBI), held its Annual General Meeting of Shareholders to announce its financial results for the financial year that ended on 31 December 2020.
According to René Sánchez Valle, President Director of Multi Bintang Indonesia, said 2020 was an extraordinary year, where we all had to navigate a crisis with unprecedented challenges, of which the adverse economic consequences had a major impact on our 2020 results.
“The Company recorded a 47% decrease in revenue, from IDR3.711 trillion in 2019 to IDR1.985 trillion in 2020. Hospitality was among the sectors that have been hit the hardest amidst physical distancing
restrictions, and the country has remained closed to international tourists. This has also led to a significant revenue loss in Bali, which is one of our major areas,” René said.
Rene also explained that seeing the swift impact of the pandemic on the industry, the Company adapted fast by reassessing priorities and putting in place a new strategic framework to manage the crisis, putting people at the core of it.
“Our highest priority throughout the year was the safety and wellbeing of our employees, customers, consumers and the community around us. We ensured timely introduction of innovative measures and technology, combined with the implementation of strict COVID-19 protocols in our premises, which have enabled all our people to work safely and productively, whether on site or from home,” René affirmed.
By the end of 2020, Rene continued that Multi Bintang Indonesia recorded a 76% decrease in net profit, from IDR1.206 trillion in 2019 to IDR286 billion in 2020. Nonetheless, the new strategies that the Company started implementing at the start of the pandemic in the first quarter of 2020 have helped drive a significant improvement in the last quarter’s results when compared to the previous quarters.
“We are optimistic that this trajectory will continue in the coming year–we believe that the initiatives we took in 2020 will continue to drive recovery in 2021,” René concluded.
During the Annual General Meeting, it was also approved that final dividend for the financial year 2020 will be distributed to shareholders of the Company in the amount of IDR475 per share. [traveltext.id]
