Monday, June 5, 2023

Spindo to prepare IDR 250 billion of Capex for 2023 toward machine procurement

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PT Steel Pipe Industry of Indonesia Tbk (Spindo) has prepared IDR 250 billion of Capex for 2023 for machine procurement and machine rejuvenation to reach its sales target of 500,000 by 2025.

Founded in 1971, Spindo is a steel pipe manufacturer which has the largest production capacity in Indonesia and is vastly experienced in producing a wide range of steel pipes/tubes and other related products.

Procurement and machine rejuvenation

Spindo Corporate Secretary & Investor Relations, Johannes W. Edward, explained that the Capex is planned to be used towards buying new machines, rejuvenating existing machines, and building warehouses

“For the 2023 Capex, we will start building warehouses for new machines and there will also be rejuvenation of machines in various units. The Capex is around IDR 150 billion to IDR 250 billion. Later, we will adjust it quarterly, but the target is more or less like that,” Edward explained during a Virtual Public Expose on December 6, 2022.

Previously, until the third quarter of 2022, the company recorded a net profit of IDR 293 billion, a decrease of 34,3% compared to the same period in 2021 which reached IDR 445 billion.

Positive projection

The global steel pipes and tubes market was valued at US$ 142.4 billion in 2019 and is predicted to increase at a compound annual growth rate (CAGR) of 6.2% from 2020 to 2027. One of the major growth factors for the market is the increasing oil and gas production due to demand from transportation industry.

The rising manufacturing of electric vehicles in Indonesia might have a positive impact on steel pipes and tubes industry in the future, as the demand increases as well for the electric vehicle manufacturing needs.

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