Amid growing pessimism regarding fears of a global recession, textile and garment issuer PT Trisula International Tbk (TRIS) is optimistic that sales will continue to grow positively this year. The company's management sees that demand for garments is still high. "The need for garments is still high, both in export and domestic destination countries. Even so, we are still being extra careful in our steps considering that there are still many upheavals in the world that are beyond our control," said TRIS Main Director, Widjaja Djohan via a press release, Tuesday (21/3/2023).

The company's optimism is in line with the increasing trend of the Industrial Confidence Index (IKI) issued by the Ministry of Industry. The IKI value in January 2023 was 51.54, a sharp increase compared to December 2022 which was 50.9.

As many as 71.4 percent of companies stated that the general condition of business activities was stable and improved in January 2023. In this regard, TRIS has enjoyed the benefits of increased sales in the export market which reached IDR 1.00 trillion, or jumped 53 percent yoy in 2022.

The company's net profit even skyrocketed to 258 percent yoy, from Rp 18.02 billion to Rp 64.52 billion last year, supported by net sales which increased 36 percent yoy. TRIS sales were recorded at IDR 1.50 trillion, compared to IDR 1.10 trillion in 2021.

"We are grateful that the global recession is not as bad as feared, as evidenced by the significantly increased demand for exports that we had last year. Hopefully this is a good sign that the world economy is starting to bounce back," said Widjaya.

The net profit attributable to owners of the parent entity amounted to Rp. 34.16 billion, an increase from Rp. 4.67 billion in 2021. The increase in net profit was also supported by the gain on foreign exchange of Rp. 2.39 billion compared to Rp. 813.17 million in the previous year, as well as a decrease in financial expenses from IDR 20.11 billion in 2021 to IDR 18.90 billion in 2022.

The Company has a strong export market in procuring garments for international retail brands and procuring uniforms for airlines, hotels, hospitals and public services (such as firefighters).

Of the company's sales, TRIS exports reached IDR 1.00 trillion or 67 percent of total sales in 2022. The company's exports to destination countries, namely the United States, Australia, New Zealand, Singapore and Japan, increased 53 percent yoy. Meanwhile, total domestic sales were recorded at IDR 496.19 billion, an increase of 12 percent yoy.

While maintaining export performance, the Company will continue to try to increase the contribution of domestic sales by intensifying digital marketing efforts through various marketplaces such as Yukshopping.com, an e-commerce platform owned by TRIS and also a well-known online marketplace in Indonesia that markets Trisula Group products.