Jakarta, 04 May 2021 - PT Cashlez Worldwide Indonesia, Tbk, one of the leading payment solution companies in Indonesia, released its audited financial report for 2020. The company managed to achieve substantial revenue growth with total sales of IDR 84.32 billion, representing an increase of 407.73% on an annual basis. This increase has resulted in growth in the Company’s profit share from a net loss of IDR10.85 billion in 2019 to a net loss of IDR7.13 billion in 2020.

 

Key Highlights:

  • The company posted net income of Rp 84.32 billion, recording a growth of 407.73% YoY.
  • Gross Profit in 2020 reached IDR 32.01 billion, much higher than the IDR 11.42 billion recorded in 2019.
  • Total assets as of 31 December 2020 were recorded at IDR199.87 billion, higher than the position on 31 December 2019 of IDR 53.49 billion. Meanwhile, the Company’s obligations for 2020 are IDR 87.01 billion compared to IDR 22.95 billion in 2019.
  • Current ratio in 2020 reached 1.55x, slightly lower than 1.93x level in 2019.




Continuing growth momentum has been accompanied by solid revenue growth

In 2020, the pandemic has pushed the world to accelerate the transformation of the digital economy, including in Indonesia, so that people have started to adopt the "new normal" protocol, especially in conducting business activities. This has led to a change in the pattern of people’s behavior in making payment transactions towards cashless payments. The acceleration of the digital economy has opened up opportunities for innovative payment solutions to adapt to new behaviors. Based on data from Bank Indonesia, the value of electronic money transactions in 2020 reached IDR 204.91 trillion, an increase of 41.15% when compared to 2019.

 

With the change in people’s behavior towards digital, it is the main factor driving the Company’s business. Thus, throughout 2020, the Company managed to achieve rapid growth by recording an increase in net income to IDR 84.32 billion compared to IDR 16.61 billion recorded in 2019.

 

This achievement was supported by the growth in gross transaction value which increased to Rp5.95 trillion in 2020 or an increase of 56.16% compared to 2019 figures. As of the end of December 2020, the total number of merchants joining Cashlez reached 9,176 merchants including several well-known brands. such as KalCare, Brawijaya Hospital, BFI Finance, Shafira, Zoya, and Fish & Cheap.

 

Company Operational Data



With a significant increase in income, it triggered a Gross Profit growth of almost 3x to Rp32.01 billion during 2020 compared to Rp11.42 billion in the same period in the previous year. This extraordinary achievement had a positive impact on operating margins which strengthened by 77.7ppts to negative 10.87% in 2020 from negative 88.59% in 2019. This helped the company achieve a reduction in net loss to Rp7.13 billion in 2020.

 

Maintain a healthy capital structure to maintain profitability growth

Total Company Assets as of December 31, 2020 reached Rp199.87 billion, while total Liabilities reached Rp.87.01 billion while the Company’s Equity was at the level of Rp112.86 billion. The company will continue to strive to maintain an optimal capital structure in order to sustain sustainable business growth.

 

For profitability measurement, Cashlez managed to increase its operating margin from negative 88.59% in 2019 to negative 10.87% in 2020. In 2020, the Company managed to achieve better net margins compared to 2019 at negative 8.46% (compared to negatinf 65.35%). Going forward, the Company will continue to encourage Gross Transaction Value and maintain operating expenses in order to generate optimal profitability.

Meanwhile, in terms of leverage, the Company’s current ratio was at the level of 1.55x in 2020, still at a fairly stable level compared to 1.93x in 2019. The ratio of assets to equity was at the level of 1.77x in 2020, slightly increased from 1.75x in 2019. The company will continue to optimize its capital structure while maintaining a reasonable level of risk to support business growth.

 

Mr. Suwandi as the President Director of the Company stated "Seeing the very rapid development of digitalization in Indonesia, the Company sees enormous potential in the payment solutions industry and will continue to provide support to business actors to be able to develop their business in the digital era. We are optimistic that in 2021, Cashlez can show even better performance compared to 2020 with target of 5,000 new merchants who will join Cashlez. The company will carry out strategic efforts to achieve our target in 2021."

 

In closing, Mr. Suwandi stated, "This year we will expand our cooperation with partners from various segments through the application of Open API to facilitate integration. That way, the digitalization platform provided by partners is more complete with non-cash payments, and of course together can expand market reach and maximize long-term business growth."



Related Articles:

Cashlez Worldwide Indonesia raup pendapatan Rp 84,32 miliar pada 2020: https://keuangan.kontan.co.id/news/cashlez-worldwide-indonesia-raup-pendapatan-rp-8432-miliar-pada-2020

Cashlez Worldwide Indonesia raup pendapatan Rp 84,32 miliar pada 2020: https://indonesiaonline.co.id/berita/112483/cashlez-worldwide-indonesia-raup-pendapatan-rp-8432-miliar-pada-2020/

Cashlez Worldwide Indonesia raup pendapatan Rp 84,32 miliar pada 2020: https://kabarin.co.id/cashlez-worldwide-indonesia-raup-pendapatan-rp-8432-miliar-pada-2020-43909/?amp

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