Chitose Plans Expansion into Medical and Laboratory Equipment Trade Following Positive 2023 Performance

Furniture manufacturer and public company PT Chitose Internasional Tbk (CINT) is preparing to expand into the wholesale trade of laboratory, pharmaceutical, and medical equipment, in line with its strong performance in 2023.

Throughout last year, Chitose recorded impressive growth, with revenue increasing by 4.41% to IDR 456.91 billion, up from IDR 437.62 billion in 2022. The company’s largest contributions came from the office equipment segment (57.23%) and the education sector (39.54%).

This solid performance enabled the company to recover from a net loss of IDR 4.15 billion in 2022, posting a net profit of IDR 5.86 billion in 2023. Profit attributable to the parent entity was IDR 4.20 billion, a significant turnaround from a net loss of IDR 5.82 billion in the previous year.

Kazuhiko Aminaka, President Director of Chitose, stated that the company’s ability to respond swiftly to market dynamics and its commitment to customer satisfaction were key drivers behind the improvement in net sales and profitability. In light of this positive momentum, Chitose has crafted strategic plans to optimize future growth.

“From a product perspective, we will continue developing new offerings aligned with market needs. We also plan to strengthen our market presence by increasing penetration, particularly in the private sector,” said Aminaka during the Public Expose held virtually after the Annual General Meeting of Shareholders (AGMS) at Chitose’s showroom in Cimahi, West Java, on April 22, 2024.

Another result of the AGMS was the approval to allocate IDR 5 billion of the 2023 net profit as dividends to shareholders.