Bisnis.com, JAKARTA - The finance company PT Multindo Auto Finance appears to be recovering from the difficult times of the Covid-19 pandemic, as it managed to record a net profit of IDR 12.81 billion at the close of the 2021 book.

This achievement is a sign of recovery, because previously this multi-finance based in Semarang, Central Java recorded a net loss of IDR 10.21 billion in the 2020 period.

Based on the company's financial report published in the Indonesian Business Daily, Multindo Auto Finance's total revenue is still down, from Rp244.31 billion in 2020 to Rp185.35 billion in 2021.

However, the company managed to make a profit thanks to the efficiency of total expenses from IDR 250.33 billion in 2020 to only IDR 169.73 billion in 2021.

Most recently, the total assets of Multindo Auto Finance are still under pressure, from Rp1.41 trillion in 2020 to Rp987 billion in 2021. This is mainly because net financing receivables decreased from Rp1.21 trillion to only Rp777.1 billion.

Based on information from the management of Multindo Auto Finance to Bisnis some time ago, this multi-finance product with passenger car and commercial car financing products, ranging from pickups to trucks, has set a target for financing distribution of IDR 480 billion throughout 2022.

This finance company, which has been operating since 1990, explained that the main challenge in the 2022 period was mainly the source of funding from bank loans, which were still difficult. Banks tend to put the brakes on, mainly because they think that the multi-finance business is still a high-risk sector.