Emerging Stronger and On the Road to Pre-Pandemic Performance
PT Multi Bintang Indonesia Tbk., with MLBI as its stock code, held its Annual General Meeting of Shareholders to announce its financial results for the financial year that ended on 31 December 2021. The Company successfully delivered a 25% increase in revenue in 2021 compared to 2020, from IDR 1,985 billion to IDR 2,474 billion.
“The pandemic has continued to test our capabilities but I am convinced that we have emerged stronger, more agile and with a clearer vision of how to continue delivering sustainable value to our stakeholders. Our people have shown exceptional dedication and resilience, and I am immensely proud of what we have achieved together this year,” said René Sánchez Valle, President Director of Multi Bintang Indonesia.
Multi Bintang Indonesia also recorded a growth in gross profit ahead of revenue at 45%, from IDR 940 billion to IDR 1,362 billion, despite significant investments in sales and marketing, and operating profit more than doubled to IDR 891 million.
The positive growth was driven by a sharply focused commercial strategy that gained traction over the year, coupled with improved cost efficiencies, in conjunction with the partial re-opening of the on-premise channel.
“Profits were slightly ahead of our projections for the year. With strong double digit growth on the top and triple digit growth on the bottom line, we are well on the road back to pre-pandemic performance, underpinned by a strong commercial strategy, disciplined execution and a relentless focus on cost excellence,” René emphasised.
“These results, while pleasing, were nevertheless below the Company’s 2019 performance, reflecting the ongoing disruption in the external environment, in particular the continuing absence of international tourism. However, we continued to prioritise the well-being of our people and communities as the country began to emerge from the crisis,” he added.
Coinciding with the Company’s 90th anniversary, Multi Bintang Indonesia continued to grow its Bintang portfolio by tapping into emerging preferences, engaging with new consumers and delivering original taste experiences. The Company successfully launched its latest innovation, Bintang Crystal, in July 2021.
With its smooth, lighter taste profile that is perfect for ‘chill time’ – a concept that resonated with consumers – Bintang Crystal managed to drive a strong performance in its first six months.
During the Annual General Meeting, it was also approved that final dividend for the financial year 2021 will be distributed to shareholders of the Company in the amount of IDR 408.45 per share.
In addition to the announcement of its financial statements, Multi Bintang Indonesia also announced the appointment of Uday Shankar Sinha as Commissioner of the Company, recommended by the Board to replace Kenneth Choo Tay Sian, who is resigning from his position. Uday Shankar Sinha is currently the Managing Director of Heineken Asia Pacific Pte Ltd in Singapore.