Trisula International (TRIS) Optimistic to Record Performance Growth This Year

ISSUER NEWS - JAKARTA. The public company operating in the textile and garment sector, PT Trisula International Tbk (TRIS), is optimistic about achieving revenue growth in 2024. This is due to the company's performance focusing on producing high-margin products.

Trisula International's CEO, Widjaya Djohan, said that the company is preparing several strategies for 2024, such as maintaining a healthy financial ratio, prioritizing the quality of each product, and innovating to reach the market, especially the middle to upper market, to keep up with current fashion trends.

"The company also continues to be efficient, and strives to reduce the level of debt," Widjaya told Kontan some time ago.

Unfortunately, TRIS has not been able to disclose the targeted revenue value as it is still in internal calculation.

"The details are being calculated and will be presented in the next annual general meeting," he said.

Quoting the Q3-2023 financial report, TRIS recorded a 0.1% annual (year on year/YoY) sales increase to IDR 1.04 trillion. At the same time, the net profit for the year attributable to the parent entity grew 0.61% YoY to IDR 28.07 billion.

Meanwhile, the retail and uniform segments drove the highest increase in TRIS's performance, with respective increases of 29.6% and 5.1% YoY, or IDR 121.7 billion and IDR 96.6 billion.

Widjaya explained TRIS will purchase new and modern machines to support production levels in line with the normalization of economic activities to meet market demand.

TRIS allocates capital expenditure (capex) in 2024 for performance efficiency by digitizing and automating more modern machinery. However, he has not been able to detail the value of the capex prepared this year.

Clearly, with the improvement in product demand conditions, TRIS will continue to expand its market to reach various prospective regions.

In addition, the Trisula Group has its distribution arm, so it can continue to follow market demand developments with maximum profit.

"The company's market is mostly directed towards the middle to upper class, so it is usually more resilient to inflation volatility," he said.

Widjaya revealed the market opportunities in the garment and textile industry are still very large and influenced by the challenges of global and national economic conditions.

"Although Indonesia is the 8th largest garment producer in the world, as an exporter Indonesia is still ranked 22nd. That means there is still a lot of untapped export potential," he said.

According to him, TRIS already has the ecosystem and infrastructure to explore that market in the future, especially with the company's market reach to the United States, Australia, Europe, Singapore, and others around the world.

TRIS also adapts to the progress of the times, especially in the digitalization era. With the development of this era, TRIS also registers its products on various e-commerce networks, even having its website called yukshopping.com.

"The website offers many attractive promotions and competitive prices," he explained.

On the other hand, in line with the improving economic conditions, many of the company's B2B customers are increasingly needing product demand, especially many TRIS customers who are sticky because they trust the quality of the products provided.

"Demand for clothing and textiles will increase along with the growth of the world's population. The company's ability to continue to adapt and innovate allows it to reach various targeted markets, especially the upper-middle class and B2B," he concluded.