Profile

Industry Sector Basic Industry & Chemicals
Industry Sub Sector Ceramics, Glass, Porcelain
Established 22 February 1993
Listed 17 July 2001
Listed Company Code ARNA
Listed Shares 7,341,430,976
Dividend Yes
Major Shareholders (>5%) Credit Suisse AG SG Trust Account Cl. (24.3%)
Suprakreasi Eradinamika (13.9%)
UBS AG, SG Non-Treaty Omn. Acc. 2091 (12.2%)
Key Subsidiaries Primagraha Keramindo

Stock Quote Arwana Citramulia - ARNA:

Business Summary

Arwana Citramulia operates four ceramics factories. These are located in Tangerang and Serang (both in West Java), Gresik (East Java), and Indralaya (South Sumatra). At the start of 2014, the company had a total annual production capacity of 49.4 million m². A fifth plant - located in Mojokerto (East Java) - is being developed and should become operational in 2015. Increased production capacity in combination with large domestic demand amid a booming economy (which involves considerable real estate development) will impact positively on the company's sales figures. The opening of the Indralaya plant in 2013 and the Mojokerto plant in 2015 reduce logistics costs caused by the country's notorious lack of quality and quantity of infrastructure.

The company offers a variety of products including Embossed, Marble, Plain Color, Granity, Strata, Rustic, Fancy Wood and Fancy Decorative. The most common sizes are 20 x 20 cm and 30 x 30 cm. However, the current trend indicates popularity of 40 x 40 cm sizes. Subway tiles of 20 x 25 cm and 25 x 40 cm for wall tiles have also been developed by the company, albeit from a small base. In 2014 it was reported that Arwana Citramulia will launch new products targeting Indonesia's middle class-up segment. This involves 60 x 60 cm and 80 x 80 cm tiles imported from Vietnam as well as digital printing technology.

Ceramic consumption in Indonesia is only one m² per capita, which constitutes a very low figure compared to developed countries as well as Indonesia's regional peers.

A problem for companies engaged in Indonesia's ceramics business is the lack of a reliable energy supply (gas) as the ceramics business is energy-intensive. Energy is the largest cost component in the ceramics production process, accounting for 35 percent of total production costs.

Arwana Citramulia's Financial Highlights:

    2014   2015   2016   2017
Net Sales 1,609.8 1,291.9 1,512.0 1,733.0
Gross Profit   522.2   288.1   329.1   404.8
Net Income   259.5    69.8    90.5   120.8
Income from Operations   352.1   102.4   143.0   186.7
Income before Tax   348.7    95.5   123.8   166.2
EBITDA   423.0   176.3   238.4   290.1
Total Assets 1,259.9 1,430.8 1,543.2 1,601.3
Total Liabilities   347.0   536.1   595.1   571.9
Earnings per Share¹    35,4    9,51   12,32   16,46
Cash Dividend per Share¹     12      5      5
Price/Earnings Ratio (x)   52,58   42,21   20,78
Price/Book Value (x)    4,03    2,44

 

   2009  2010  2011   2012   2013
Net Sales 714.1 830.2 922.7 1,113.7 1,417.6
Gross Profit 212.7 264.3 285.8   377.7   500.2
Net Income  63.9  79.0  94.7   156.5   235.2
Income from Operations 128.2 141.6 150.2   224.4   321.8
Income before Tax  90.9 107.7 129.9   212.3   316.8
EBITDA 169.2 189.0 200.5   276.2   379.8
Total Assets 822.7 873.2 831.5   937.4 1,135.2
Total Liabilities 474.4 458.1 348.3   332.6   366.8
Earnings per Share¹   35   43  51,6    85,3    32,1
Cash Dividend per Share¹    7   15   20     40     16

in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: Arwana Citramulia, Annual Report 2017

Projection Arwana Citramulia's Future Corporate Earnings:

    2015   2016  2017F  2018F  2019F
Net Revenue
Net Profit
EBITDA
P/E Ratio (x)
P/BV (x)

in billion IDR, unless otherwise stated
Source:

Location

Contact Details

Sentra Niaga Puri Indah Blok T2 No. 6-7
Kembangan Selatan,
Jakarta - 11610
Phone: +62 21 583 02363
Fax: +62 21 583 02361
Email: rudy.sujanto@arwanacitra.com
www.arwanacitra.com