Jakarta, August 7, 2023 – The company providing Vocational Education services and Hospitality Operators, PT Idea Indonesia Akademi Tbk (the “Company”, IDX: IDEA), succeeded in significantly improving financial performance in the second quarter of the 2023 period. Based on the consolidated financial reports for the period ending June 30, 2023, the Company posted a net profit of IDR 871 million, a significant increase of 156 percent from the achievement for the same period in 2022 which was only IDR 339 million.
The increase in net profit was mainly driven by an increase in operating revenues. The company was recorded as having managed to record operating income of Rp. 9.05 billion, or a 23 percent increase from the turnover obtained in the second quarter of the 2022 period of Rp. 7.35 billion.
Based on the Company’s financial reports, Hospitality Training is the largest revenue contributor by contributing 55.4 percent of the Company’s total revenue, followed by hotel operators with 44.6 percent.
In line with the increase in revenue earned, the Company also reported an increase in cost of revenue in the second quarter of 2023. The Company’s cost of revenue in the second quarter of this year amounted to IDR 3.06 billion, up 32% compared to the previous period which was only IDR 2.3 billion . The biggest increase was obtained from the increase in the cost of Hospitality Training which rose to IDR 1.9 billion, up 471% YoY from IDR 411 million in the previous period.
As is known, IDEA carries the concept of integrative vocational education with hotels as a Teaching Factory, where the learning process and hands-on practice are carried out in 3-star and 4-star hotels. So, participants benefit by learning and practicing directly with hotel facilities, guided by hotel practitioners, using hotel working tools, and involved in service operations at the hotel.
IDEA Finance Director, Yusuf Fauzan said the company’s business experienced significant improvement after previously being affected by the COVID-19 pandemic. “The significant increase in the number of training participants has had a major impact on the Company’s financial performance,” he said.
Yusuf added, apart from optimizing revenue from training and operating existing hotels and restaurants, the company has also opened new branches, namely in Semarang and Surabaya and is currently in the process of taking over a building to be managed as a meeting venue, virtual office and wedding hall in the near future. “The building management take over will be launched in the near future,” concluded Yusuf.
“Our current target is to increase revenue volume in all segments. All levels of management are committed to continuing to strengthen the Company’s performance to be better in the second semester of 2023 and in the coming years, “concluded Yusuf.