Printing company PT Jasuindo Tiga Perkasa Tbk (JTPE) aims for an ambitious double-digit growth in 2023, supported by its 2023 Capital expenditure (Capex) worth IDR 90 billion (US$ 5.9 million).
Established in 1990, Jasuindo is a well-known company worldwide, trusted by more than 15 governments of the Philippines, Hong Kong, Singapore, USA, United Kingdom, India, Australia, Ghana, South Africa, Lebanon, Italy, Kazakhstan, Uzbekistan, Brazil, Congo, Mongolia, Argentina, Ukraine, Zimbabwe, Taiwan, Bulgaria, Mexico and Indonesia. Over 40 banks trusted the company and it is recognized by Forbes 4 times in 2012, 2013, 2014 and 2018.Â
The company focuses in the production of integrated business documents, such as security documents, non-security documents (traditional documents, modern documents and management documents), and several security printing products such as credit and debit notes, checks, supplies for public companies, labels and cards. Jasuindo is one of a few Indonesian companies that export government-grade products with over 15 governments worldwide using the service.
Growth prospects from internal source
To support its double digit growth in 2023, Jasuindo’s IDR 90 billion Capex will come from internal cash and the balance will be on hold. The Capex will be allocated mostly for procuring new card production machines, security printing and its company development program, said President Director Oei Allan Wibisono.
In 2023, Jasuindo will be focusing on a more digitalized feature. The company hopes that the digital transition would transform the company and help coincide with the current market trend.
“In 2023, we will focus on innovation and integration of existing products with the latest digital features. We hope to provide the latest security and meet market trends that continue to transform to digital,” Wibisono said as quoted by Kontan.co.id on January 16, 2023.
Jasuindo will try to increase its production capacity to serve the banking sector by providing solutions to high-tech payments. The company also seeks the export market for security documents such as passports, driver’s licenses and ID cards. It also provides an electronic certificate that serves as a solution to consumers’ need for a digital signature that could be validated.
“This service will protect documents from the risk of forgery,” Wibisono said. “We are optimistic that the business will continue to grow this year. We see there is still an opportunity to achieve double-digit growth, both revenue and net profit.”
Risks in digital technology
However, there are several common risks in the printing industry. Firstly, fire hazards. Fire hazards are rampant to happen and therefore needs to be prevented from occurring in the printing industry. The raw materials mostly consist of combustible materials such as paper, plastic, boxes, packaging materials, etc); and flammable/ combustible liquids (solvents, washes, inks, and darkroom chemicals).Â
Secondly, the industry is in decline. The printing industry is currently competing with digitalization. There is an opposition behind the digitalization in the printing industry due to several consequences such as layoffs due to digitalization and technology advances and a decline in printing production.
The COVID-19 pandemic had prompted consumers to go digital in doing transactions, thus forcing the industry to see a steep decline.
