IDX-listed investment firm PT Saratoga Investama Sedaya Tbk (Saratoga) booked a net loss of 10.15 trillion rupiah ($645 million) in 2023. In an unrelated development, Indonesian fintech firm JULO has launched a healthcare financing feature.
Saratoga slips into loss in 2023 amid commodity price swings
Indonesia-listed investment firm PT Saratoga Sedaya Investama Tbk (Saratoga) posted a net loss of $645 million for the full year 2023, compared with a net profit of 4.61 trillion rupiah in 2022.
Last year, Saratoga was hit by an investment loss of 13.81 trillion rupiah, while in 2022 it had booked an investment gain of 3.75 trillion rupiah. Saratoga’s dividend income rose by 7.27% in 2023 to 2.8 trillion rupiah from 2.61 trillion rupiah in the previous year.
Devin Wirawan, investment director of Saratoga said the firm recorded a Net Asset Value (NAV) of 48.9 trillion rupiah in 2023, down 20% from 2022. The volatility in commodity prices has impacted the shares of Saratoga’s main portfolio companies including PT Adaro Energy Indonesia Tbk and PT Merdeka Copper Gold Tbk, resulting in a fall in Saratoga’s NAV.
Going forward, the company plans to strengthen investments in existing portfolio companies or back new firms which have long-term business growth prospects, said Lany D Wong, Saratoga Finance Director.
As part of that strategy, Saratoga recently increased its stake in PT MGM Bosco Logistik (MBL), a cold-chain logistics service provider to become its majority shareholder. Saratoga first invested in MBL in 2016 by buying a 5.63% stake.
JULO launches healthcare financing services
Fintech firm JULO has launched a healthcare financing feature in its app to finance Indonesians’ healthcare needs at any of the nation’s health facilities—from hospitals, clinics, dental care, and pharmacies, to laboratories and diagnostic centres.
JULO’s healthcare financing feature includes facilities for a host of day-to-day expenses such as utility bills and train tickets. Users can get up to 50 million rupiah as credit limit with a nine-month instalment option.
In 2023, JULO launched a range of product innovations which included JULO Education, a financing service and JULO Cares, which offers gadget protection.
Last month, JULO said it has plans for an initial public offering (IPO) in the future along with the company’s goal to achieve sustainable growth.
JULO also stated that its revenue rose 73% and annual recurring revenue touched $121 million in 2023, adding that it expects to reach profitability on a net income basis in 2024, after recording a profit before tax in December 2023.
