PT Apexindo Pratama Tbk (APEX) posted a net profit for the year attributable to owners of the parent company of US$44.403 million in 2020, an increase of 114.3% compared to the previous year of only US$20.27 million.

In the financial report published Monday (29/3), the net profit achievement was supported by the lower direct expenses of around 34.019% to US$49.461 million from US$74.963 million in 2019.

Also, operating expenses and financial expenses decreased by around 24.11% to US$11,570 million and 9.27% ​​to US$15,448 million, respectively. Interest income also increased by 94.02%, from US$152,733 to US$296,342.

The company also succeeded in increasing other net income by 57.18% to US$65.222 million from US$41.494 million.

Unfortunately, Apexindo had to accept a low-income gain of around 99.94%, from US$93.918 million at the end of 2019 to only US$54,767 million in the period ending 2020. The company also had to accept a reduction in foreign exchange earnings so that it tripled or from US$ 431,450 to US$129,059.

By the end of 2020, the company's total assets were at US$336,261 million or 32.84% lower than the previous year's US$500,726 million.