Forbes Indonesia Best of the Best Companies 2019

11 months ago
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Forbes Indonesia Best of the Best Companies 2019

The list celebrates 50 Indonesian high-performing public companies, all of which are champions in their own right. The list, which is based from long-term fundamental performance of the companies, reflects the resiliency of Indonesian business and the country’s overall economy despite the challenging domestic and international economic condition. The companies were ranked based on a composite score using multiple metrics assigned various weights in a formula including five-year net income growth, five-year ROE and ROA growth. Those results were then screened for governance. Prices and exchange rates are as of mid-July. Financials used were for the latest available full-year, typically for calendar year 2018.

1. UNILEVER INDONESIA

PERSONAL GOODS

MARKET CAP: Rp 341.63 trillion

NET INCOME: Rp 9.02 trillion

PT Unilever Indonesia engages in manufacturing, marketing and distributing fast moving consumer goods (FMCG). It has two operating segments: home and personal care, and food and refreshment.

2. BUKIT ASAM

MINING

MARKET CAP: Rp 32.72 trillion

NET INCOME: Rp 4.71 trillion

Established since 1919, PT Bukit Asam is a company engaged in coal mining and the energy sector, headquartered in Indonesia. As its e!ort to be an environmentally-friendly company, this year it is preparing solar power plant projects to start its business in renewable energy sector.

3. INDORITEL MAKMUR INTERNATIONAL

RETAIL

MARKET CAP: Rp 42.55 trillion

NET INCOME: RP 373.13 trillion

Formerly known as PT Dyviacom Intrabumi, Indoritel is an investment holding company focusing mainly on the consumer and retail industries in Indonesia. They own a 40% share in Indomaret, the largest minimarket operator in Indonesia by number of stores, as well as 25.77% share in Nippon Indosari Corpindo. Indoritel also owns a 35.84% share in PT Fast Food Indonesia, which owns exclusive operating rights to KFC restaurants in Indonesia.

4. SURYA CITRA MEDIA

MEDIA

MARKET CAP: Rp 22.37 trillion

NET INCOME: Rp 1.53 trillion

Surya Citra Media was established in 1999 and listed its shares on the Indonesia Stock Exchange (IDX) in 2002 with the ticker code SCMA. The company operates free-to-air TV station SCTV and Indosiar. The two national TV stations combined dominate Indonesia’s free-to-air television market with 32.8% overall market share last year. In 2018, the company booked Rp 5 billion of net income, growing 12.3% from the previous year, while its net profits went up by 11.51% to Rp 1.41 billion.

5. PAKUWON JATI

REAL ESTATE INVESTMENT & SERVICES

MARKET CAP: Rp 34.67 trillion

NET INCOME: Rp 2.70 trillion

Part of Pakuwon Group, PT Pakuwon Jati is a property developer known for superblocks such as Tunjungan City and Gandaria City, and townships such as Pakuwon City. It also gains its recurring revenue from the leases of its commercial and o"ce premises, and hotels. The company announced its plan to develop a superblock in Bekasi, West Java by the end of year. Pakuwon Jati recently joined the list of Asia’s 200 Best Under A Billion published by Forbes Asia.

6. JAPFA COMFEED INDONESIA

FOOD PRODUCERS

MARKET CAP: Rp 20.29 trillion

NET INCOME: Rp 2.05 trillion

Established in 1975, PT Japfa Comfeed Indonesia has become a leader in manufacturing animal feed. Mainly bringing poultry, cattle, and seafood. This year Japfa has allocated Rp 3 trillion in capital expenditure to build warehouses and poultry houses expanding its reach. Japfa has participated in the international halal product exhibition as they contribute in strengthening the global market share of Halal products.

7. ACE HARDWARE INDONESIA

GENERAL RETAILERS

MARKET CAP: Rp 31.30 trillion

NET INCOME: Rp 992.54 trillion

Bringing household appliances and lifestyle products since 1995, PT Ace Hardware Indonesia has since been a destination for many households throughout Indonesia. Ace Hardware plans to open 20 new outlets this year, recently opening a new store in Bekasi. It also plans to sell more diversified products to attract millennials, such as supporting gadgets and travelling equipment.

8. BANK CENTRAL ASIA

BANKS

MARKET CAP: Rp 758.59 trillion

NET INCOME: Rp 26.41 trillion

The country’s biggest private bank launched its fintech focused accelerator program in March, named Synrgy. The newly accelerator is also run by Google-backed accelerator Digitaraya. Last month, Synrgy announced the eight startups of different area of financial services which will be joining the program.

9. WIJAYA KARYA

CONSTRUCTION & MATERIALS

MARKET CAP: Rp 20.90 trillion

NET INCOME: Rp 1.84 trillion

Leading integrated EPC & investment company PT Wijaya Karya works many sectors from energy, infrastructure, property development, civil construction and high-rise building, to integrated transportation system. Recently the company completed the construction of the Oecusse Airport in East Timor, and this year it targets more projects on rail-based mass transportation, infrastructures, and energy and industrial plants.

10. INDOFOOD CBP SUKSES MAKMUR

FOOD PRODUCERS

MARKET CAP: Rp 117.79 trillion

NET INCOME: Rp 4.70 trillion

A subsidiary of PT Indofood Sukses Makmur (Indofood), the company is mostly known for its iconic instant noodle Indomie which started back in 1982. Along the way Indofood also manufactures dairy products, snacks, beverages, seasonings, nutrition food, as well as operating their own packaging business. ICBP has 50 plants in key areas across Indonesia, with products spread in over 60 countries around the world.

11. BANK RAKYAT INDONESIA

BANKS

MARKET CAP: Rp 539.29 trillion

NET INCOME: Rp 33.11 trillion

One of the largest state-owned banks established since 1895, PT Bank Rakyat Indonesia focuses on providing micro, small and medium enterprises financial services. In June it announced that its near to finalizing the plan to expand its subsidiaries into general insurance by acquiring 90% shares of PT Bringin Sejahtera Artha Makmur.

12. CHAROEN POKPHAND INDONESIA

FOOD PRODUCERS

MARKET CAP: Rp 92.24 trillion

NET INCOME: Rp 4.37 trillion

PT Charoen Pokphand is a manufacturing company primarily engaged in the feedmill industry, breeding and cultivation of chicken, food processing, meat preservation and cold storage units. Following the corn import ban imposed by the Indonesian government, the company will increase its production and corn storage capacity this year by 73% up to 740 thousand tonnes. Construction for the storage facilities was said to have begun since last year.

13. MAYORA INDAH

FOOD PRODUCERS

MARKET CAP: Rp 52.66 trillion

NET INCOME: Rp 1.71 trillion

Known for its coffee confectioneries Kopiko candy that was consumed by astronauts at the International Space Station, Mayora Indah produces wide range of snacks from biscuits, candies, instant co!ee, and other snacks. With manufacturing facilities in Tangerang and Bekasi. As almost half of PT Mayora Indah’s total sales comes from exports, this year the company targets to have most of them increased from the Philippines market.

14. UNITED TRACTORS

INDUSTRIAL ENGINEERING

MARKET CAP: Rp 104.54 trillion

NET INCOME: Rp 11.65 trillion

The leading distributor of heavy equipment in Indonesia established back in 1972 with Astra International as its major shareholder. PT United Tractors has since extended its services to providing mining contracting and coal mining business. Last year, the company also started operating in gold mining in North Sumatera. Following the earthquake in Palu and Donggala, Central Sulawesi which happened early this year, United Tractors just recently inaugurated 10 earthquake-resistant schools in the region, among other humanitarian assistance.

15. BANK MEGA

BANKS

MARKET CAP: Rp 39.99 trillion

NET INCOME: Rp 1.75 trillion

Bank Mega was established as a family-owned business named Bank Karman in Surabaya in 1969. The name was changed in 1992, and the lender moved its base to Jakarta. Four years later in 1996, tycoon Chairul Tanjung acquired the bank under his holding company that later became well known as CT Corpora. In 2000, the lender went public on the Indonesia Stock Exchange with the ticker code MEGA. Last year, the company recorded net profits of Rp 1.6 trillion, up 23.02% from the previous year. Profits are expected to increase by 15% to Rp 1.84 trillion in 2019. Third-party deposits (DPK) may have declined 0.89% to Rp 60.7 trillion last year, but the company is upbeat that these will grow 11.1% to Rp 67.5 trillion this year.

16. INDUSTRI JAMU DAN FARMASI SIDO MUNCUL

FOOD PRODUCERS

MARKET CAP: Rp 14.70 trillion

NET INCOME: Rp 703.64 billion

The country’s largest herbal medicine factory, Sido Muncul engages in the pharmacy industry. Some of their notable products are the herbal supplement Tolak Angin and energy drink Kuku Bima, and other herbal-based beverage and confectionery, health drink, and supplements. Sido Muncul has almost more than 65% of total sales coming from herbal medicine, and this year the company which has already had its products exported to over 16 countries aim to increase export sales up to 5%, especially in the Philippines and Nigeria.

17. KIMIA FARMA

PHARMACEUTICALS & BIOTECHNOLOGY

MARKET CAP: Rp 18.49 trillion

NET INCOME: Rp 399.32 billion

PT Kimia Farma was the first pharmaceutical company, established by the Dutch East Indies government back in 1817. The company now operates as a healthcare company, segmenting its business into manufacturing, distribution, and retail. In April, Kimia Farma launched its first application ‘Mediv’ for unprescribed drugs, which is targeted to contribute up to 10% to the total sales. Mediv is designed to accommodate people as reseller for Kimia Farma’s healthcare and beauty products. Another form of Mediv is the Mediv Screen, which is provided at pharmacies for end user to order their products.

18. BANK OCBC NISP

BANKS

MARKET CAP: Rp 20.33 trillion

NET INCOME: Rp 2.74 trillion

One of the oldest banks in Indonesia PT Bank OCBC NISP offers diverse commercial banking services, financial services and financial asset management for personal and corporations. In mid-July, OCBC NISP began to enter the venture capital industry through its subsidiary PT OCBC NISP Ventura, which is said to focus on fintech companies.

19. BANK NEGARA INDONESIA

BANKS

MARKET CAP: Rp 169.85 trillion

NET INCOME: Rp 15.44 trillion

State-owned bank PT Bank Negara Indonesia (BNI) offers integrated financial services supported by its subsidiaries, from BNI syariah, multifinance, securities, life insurance, and remittance. The bank has also been pushing its infrastructure loans, which is targeted to grow by around 10%, focusing on toll road projects, constructions, and electricity. BNI entered its 73rd year in July, and recently inaugurated the new 32-floor BNI Tower in Pejompongan, Jakarta.

20. INDAH KIAT PULP & PAPER

FORESTRY & PAPER

MARKET CAP: Rp 45.96 trillion

NET INCOME: Rp 7.12 trillion

PT Indah Kiat Pulp & Paper is a subsidiary of Asia Pulp & Paper of conglomerate Sinar Mas Group. Operating in the pulp and paper industry, the company divides its business into two lines: paper and pulp products, and packaging products which consists of linerboard, corrugating medium, corrugated shipping containers and boxboards, along with related chemical byproducts. The company was said to be diversifying and expanding its business to the Middle East and Africa.

21. KRESNA GRAHA INVESTAMA

FINANCIAL SERVICES

MARKET CAP: Rp 9.92 trillion

NET INCOME: Rp 521.27 billion

Founded in 2000, PT Kresna Graha Investama for many years offered only standard services such as investment management, securities brokerage and underwriting. In 2015, however, Kresna president director Michael Steven reinvented the company with the establishment of its tech incubator and investment division Kresna Creativentures, which has now become the company’s growth driver. Kresna recently joined the list of Asia’s 200 Best Under A Billion published by Forbes Asia.

22. PEMBANGUN PERUMAHAN

CONSTRUCTION & MATERIALS

MARKET CAP: Rp 12.96 trillion

NET INCOME: Rp 1.52 trillion

PT Pembangunan Perumahan provides building and civil construction services, focusing on four business lines: construction, engineering procurement and construction, property and realty, and investment. The company is currently working on the Bogor Outer Ring Road (BORR) project, and was also recently known for holding 65% in a joint project for a 27km-long Semarang-Demak toll road.

23. BFI FINANCE INDONESIA

FINANCIAL SERVICES

MARKET CAP: Rp 9.58 trillion

NET INCOME: Rp 1.47 trillion

Focusing on consumer financing, the company finances two and four-wheeled vehicles. It also provides lease financing for capital goods such as heavy equipment, industrial machinery and commercial vehicles. In 2017, PT BFI Finance Indonesia established Finansial Integrasi Teknologi (FIT) as a subsidiary that provides IT-based peer-to-peer lending services, which launched its own platform “Pinjam Modal” in October 2018.

24. SELAMAT SEMPURNA

AUTOMOBILES & PARTS

MARKET CAP: Rp 8.75 trillion

NET INCOME: Rp 562.61 billion

PT Selamat Sempurna is the flagship of ADR Group’s Automotive Division. The company manufactures automotive parts, primarily filters, as well as radiators and other automotive components. It markets its filters and radiators under the brand names Sakura and ADR, respectively. It exports to several countries such as the US, Australia, China, and Japan, and makes up to 70% of the company’s total sales.

25. ADIRA DINAMIKA MULTI FINANCE

FINANCIAL SERVICES

MARKET CAP: Rp 9.85 trillion

NET INCOME: Rp 1.83 trillion

PT Adira Dinamika Multi Finance is one of the country’s largest finance companies primarily engaged in provisioning consumer financing for either used or new motorcycles and cars. Besides the conventional consumer financing, the Company also offers Islamic consumer financing. Last year, the company disbursed a total loan of Rp 38.2 trillion up from Rp 32.7 trillion in 2017. The company has 192 branch offices throughout Indonesia.

26. BANK PEMBANGUNAN DAERAH JAWA TIMUR

BANKS

MARKET CAP: Rp 9.50 trillion

NET INCOME: Rp 1.29 trillion

Commonly known as Bank Jatim, the financial institution engages in general banking services, including banking activities derived from Sharia principles which adds on to their conventional banking activities. The regional development bank has also officially become a custodian bank at the Indonesia Central Securities Depository (KSEI) which helps its customers in making investment in the capital market.

27. SRI REJEKI ISMAN

PERSONAL GOODS

MARKET CAP: Rp 6.91 trillion

NET INCOME: Rp 1.00 trillion

Better known as Sritex, the company engages in integrated textile and garment industry. Its business activities range from spinning, weaving, greige dyeing, bleaching and printing as well as garment manufacturing, with manufacturing plants located in Sukoharjo and Semarang. Sritex is also known for producing military uniform to 30 countries and the NATO. Up to 65% of the products are exported to more than 100 countries around the globe.

28. NIPPON INDOSARI CORPINDO

FOOD PRODUCERS

MARKET CAP: Rp 7.86 trillion

NET INCOME: Rp 208.49 billion

PT Nippon Indosari Corpindo manufactures packaged bread and cakes. The company classifies its products into three categories: white bread, sweet bread and cakes, marketed under the well-known brand Sari Roti. They are distributed through many partners, from general trade to convenience store.

29. BANK RAKYAT INDONESIA AGRONIAGA

BANKS

MARKET CAP: Rp 6.38 trillion

NET INCOME: Rp 197.63 billion

Commercial bank BRI Agro engages in savings, lending, and other banking services. It is a subsidiary of BRI which hold 87.10% of the shares. In February, BRI Agro became the first bank in Indonesia to launch application based digital lending PINANG. The lending fintech is completed with digital verification system, digital scoring, and digital signature.

30. DUTA PERTIWI

REAL ESTATE INVESTMENT & SERVICES

MARKET CAP: Rp 12.67 trillion

NET INCOME: Rp 857.43 billion

Property developer Duta Pertiwi is a subsidiary of PT Sinar Mas Land and has completed large-scale projects in Indonesia, from hotels, office buildings, superblock and commercial, to residential buildings. So far, the company has enjoyed 70% net profit increase last year. This year Duta Pertiwi will focus on continuing its existing projects, such as the Southgate Apartment in TB Simatupang, South Jakarta, and Klaska Apartment in Surabaya.

31. ENSEVAL PUTERA MEGATRADING

PHARMACEUTICALS & BIOTECHNOLOGY

MARKET CAP: Rp 6.72 trillion

NET INCOME: Rp 670.33 billion

PT Enseval Putera Megatrading is one of Kalbe Farma’s subsidiaries engaging in trading and distribution, which is also the largest pharmaceutical distributor in Indonesia. It distributes and supplies pharmaceutical products, consumer products, medical equipment, cosmetics, and other trading products. The company is building new tower and warehouse in Makassar, South Sulawesi, and at the Greenland International Industrial Complex in Bekasi, West Java.

32. TUNAS RIDEAN

GENERAL RETAILERS

MARKET CAP: Rp 6.11 trillion

NET INCOME: Rp 579.66 billion

Starting off as car importer in 1967, Tunas Group now focuses on automotive distribution and dealership business since 1981. The company also provides financial and rental services and sells used cars.

33. DELTA DJAKARTA

BEVERAGES

MARKET CAP: Rp 5.72 trillion

NET INCOME: Rp 336.91 billion

A major player in the domestic beer industry, PT Delta Djakarta produces maltbased beverages, primarily beer. It was first established in Indonesia in 1932 as a German brewery “Archipel Brouwerij, NV.” Delta’s major shareholders include the Philippines’ conglomerate San Miguel Corporation (SMC) and the Jakarta provincial government. The company is known for its flagship pilsener Anker Bir, and globally recognized stout beer Anker Stout.

34. HUMPUSS INTERMODA TRANSPORTASI

INDUSTRIAL TRANSPORTATION

MARKET CAP: Rp 4.36 trillion

NET INCOME: Rp 163.40 billion

PT Humpuss Intermoda Transportasi provides shipping services since its establishment in 1992 for many types of cargo such as crude oil, liquefied natural gas, chemicals, coal, and others; as well as ship agency services.

35. GLOBAL MEDIACOM

MEDIA

MARKET CAP: Rp 6.35 trillion

NET INCOME: Rp 1.01 trillion

PT Global Mediacom is the largest and most integrated media group involved in broadcast, entertainment, and telecommunication in Indonesia. Its core businesses are advertisement-based media, operated by PT Media Nusantara Citra, and subscriber-based media, operated by PT MNC Sky Vision.

36. BISI INTERNATIONAL

FOOD PRODUCERS

MARKET CAP: Rp 4.29 trillion

NET INCOME: Rp 446.22 billion

Founded in 1983, PT Bisi International is based in Sidoarjo, East Java. Bisi’s main business is the production and sale of hybrid seeds for field crops like maize and rice, horticultural seeds, as well as pesticides and fertilizers. It is the market leader in hybrid maize, with the commodity contributed over 57% to the company’s revenues of Rp 2.26 trillion last year. The company works with farmers to produce the seeds and currently has a production capacity of over 53,000 tonnes annually. Besides producing and selling its own brand, Bisi also produces and sells Monsanto brand seed corn in Indonesia after it acquired the multinational group’s production facility and assets in East Java in 2017.

37. SIANTAR TOP

FOOD PRODUCERS

MARKET CAP: Rp 4.65 trillion

NET INCOME: Rp 300.31 billion

PT Siantar Top manufactures snacks, biscuits, wafers, noodles, crackers and candies for both domestic and international consumption, especially in Asia. This year it also focuses on expanding its market to the Middle East and Africa and aims to reach growth on export sales by up to 20%.

38. WIJAYA KARYA BETON

CONSTRUCTION & MATERIALS

MARKET CAP: Rp 4.79 trillion

NET INCOME: Rp 499.51 billion

PT Wijaya Karya Beton manufactures precast concrete. The company’s business is dominated by infrastructure and energy sector projects. Wijaya Karya Beton has sealed two new projects in the first quarter of the year, such as the Bogor Outer Ring Road and Kulon Progo Airport, both of which amount to 19.84% of their targeted revenue in 2019.

39. ADHI KARYA

CONSTRUCTION & MATERIALS

MARKET CAP: Rp 5.61 trillion

NET INCOME: Rp 646.42 billion

Construction services provider PT Adhi Karya classifies its business into construction, engineering, procurement and construction (EPC), property, real estate, and investment. During the first half of the year, the company has sealed several projects worth up to Rp 5.4 trillion in total-from revitalizing Hang Nadim Airport in Batam, building schools in Jakarta and Financial Services Authority o!ce in Solo and Yogyakarta.

40. CITRA MARGA NUSAPHALA PERSADA

INDUSTRIAL TRANSPORTATION

MARKET CAP: Rp 5.16 trillion

NET INCOME: Rp 796.42 billion

PT Citra Marga Nusaphala Persada engages in coordinating and implementing toll road projects including planning, construction, operation, and maintenance of toll roads. Its major business activities include the operation of road projects, investment in, and provision of, other toll road support and development and operation of businesses in other areas related to toll road operations.

41. TRIMEGAH SEKURITAS INDONESIA

FINANCIAL SERVICES

MARKET CAP: Rp 1.09 trillion

NET INCOME: Rp 58.40 billion

Formerly known as PT Trimegah Securities, Trimegah Sekuritas Indonesia provides financial services, from equity capital markets division, debt capital markets division, to investment banking division. The company also offers financial research to its retail and institutional clients. Its subsidiary is PT Trimegah Asset Management, which works for investment management.

42. ISLAND CONCEPTS INDONESIA

REAL ESTATE INVESTMENT & SERVICES

MARKET CAP: Rp 107.89 billion

NET INCOME: Rp 22.92 billion

Bali-based Island Concepts Indonesia does accommodation services in the hospitality industry, operating villas and spa in Bali. Its subsidiary Patra Supplies and Services offers catering services and urban facility maintenance services. This year Island Concepts aims to sell its remaining inventory.

43. MAHAKA RADIO INTEGRA

MEDIA

MARKET CAP: Rp 1.32 trillion

NET INCOME: Rp 35.14 billion

The company is part of Erick Thohir’s Mahaka Group, performed well and earned higher revenue than most other radio stations, and went public in 2016. The company currently operates six brands through seven local radio stations MARI’s radio spot advertisement grew by over 20% in 2018, which helped the total net revenue of the company to grow by 11.66% to Rp 145.20 billion.

44. INDAL ALUMINIUM INDUSTRY

INDUSTRIAL METALS

MARKET CAP: Rp 297.79 billion

NET INCOME: Rp 40.50 billion

PT Indal Corporation Industry aims to be the market leader in the aluminum extrusion and fabrication industry in Asia. Engaging in aluminum processing upon its establishment, the company has transformed into a leading aluminum extrusion producer in Indonesia used in the construction industry, household appliances, electronic/automotive components, aluminum ladders and so on, with projects in international markets including Asia, Australia, and America. The subsidiary of Maspion Group aims to grow up to 10% this year.

45. JEMBO CABLE COMPANY

ELECTRONIC & ELECTRICAL EQUIPMENT

MARKET CAP: Rp 899.64 billion

NET INCOME: Rp 66.24 billion

PT Jembo Cable Company manufactures cables, from low-voltage power cables such as copper and aluminum cables, medium-voltage power cables, telecommunication cables, air transmission cables, instrument cables, control cables, data cables, and others. Through its subsidiary, PT Jembo Energindo, the Company is also engaged in provisioning electrical power. It has recently invested in a relatively small capital expenditure to complete its machine line for future use.

46. WAHANA OTTOMITRA MULTIARTHA

FINANCIAL SERVICES

MARKET CAP: Rp 1.09 trillion

NET INCOME: Rp 203.75 billion

PT Wahana Ottomitra Multiartha engages in consumer financing of two-wheeled motor vehicles. This year it aims to put focus on motorbike financing, all to achieve a higher revenue for the year. The company was established in 1982 as PT Jakarta Tokyo Leasing to finance Honda motorbike, until it extends the brands in 2000.

47. SEKAR LAUT

FOOD PRODUCERS

MARKET CAP: Rp 1.04 trillion

NET INCOME: Rp 37.35 billion

PT Sekar Laut is an Indonesia-based food manufacturing company. The Company produces crackers, tomato sauce, chili sauce, instant cooking spices, and ready to use seasoning, which are marketed under the FINNA brand. These products are sold in both local and international markets.

48. ATELIERS MECANIQUES D’INDONESIE

HOUSEHOLD GOODS

MARKET CAP: Rp 393.12 billion

NET INCOME: Rp 29.51 billion

PT Ateliers Mecaniques D’Indonesie is a heavy equipment and machinery company. The Indonesia-based company is also involved in designing and fabricating pressure vessels, in addition to piping business for the palm oil industry. This year this company aims to strengthen its capital structure by building up funds through private placement.

49. BATAVIA PROSPERINDO FINANCE

FINANCIAL SERVICES

MARKET CAP: Rp 1.55 trillion

NET INCOME: Rp 67.76 billion

PT Batavia Prosperindo Finance works as an Indonesia based financial service company. Engaging in consumer financing includes many streams of revenue, such as financing second hand automotive vehicles and heavy equipment financing. Working since its incorporation in 1994, this company has continued to grow. And in this 2019 year this company aims to continue and grow through investing more into its property sector.

50. ALKINDO NARATAMA

HOUSEHOLD GOODS

MARKET CAP: Rp 365.20 billion

NET INCOME: Rp 28.66 billion

Started from producing gift-wrapping paper, Alkindo Naratama now focuses in manufacturing converted paper products, producing various sizes and shapes of converted paper products, such as paper cores, paper tubes, honeycomb boards and edge protectors. In February it just acquired Eco Paper Indonesia.

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