Jakarta - PT Mitra Adiperkasa Tbk (MAPI) achieved a net profit attributable to owners of Rp438,913 billion in 2021, up from a loss of Rp553,716 billion the previous year.

According to the financial report released on Monday (4/11), MAPI's ability to turn profits was supported by a high net income of around 24.08% to Rp18.423 trillion from Rp14.847 trillion.

Foreign exchange losses also decreased by more than eight times, or from Rp8,652 billion to Rp1,211 billion. Finance expenses shrank by around 9.47% to Rp499,863 billion from Rp552.208 billion.

In addition, MAPI managed to reduce the allowance rate and recovery for the decline in net inventory value by around 37.36%, bringing it down to Rp49.930 billion from Rp79.721 billion.

Along with the increase in net income, the cost of goods sold and direct costs also increased by around 23.82%, reaching Rp10,731 trillion from Rp8,666 trillion.

Nevertheless, MAPI managed to turn an oper