KONTAN.CO.ID - JAKARTA. Thanks to the business transformation, the financing issuer PT Radana Bhaskara Finance Tbk (HDFA) was able to reverse losses after three consecutive years to become profitable at the end of 2021.

Throughout 2021, Radana Finance recorded revenues of Rp 155.08 billion. This achievement grew 53.78% on an annual basis or year on year (yoy) from Rp 100.85 billion in 2020.

In detail, revenue from financing soared 142.05% yoy to Rp 120.12 billion. Income from banks reached Rp 3.65 billion and other income amounted to Rp 31.30 billion.

From the bottom line, HDFA managed to record a comprehensive profit for the year in 2021 of Rp 34.77 billion. Even though in 2020, HDFA still posted a loss of Rp. 84.43 billion.

Until the end of 2021, the new financing disbursed by the company reached Rp 1.5 trillion. This figure rose 255% yoy from the previous year.

Director of Radana Finance, Rizalsyah Riezky, said that before 2019, Radana Finance was involved in the consumer credit segment such as financing for motorcycles, cars and houses with a target market for the lower middle class.

However, at that time, the multi-finance business, aka financing, was experiencing exposure, for example, from the lack of credit extended by banks to multi-finance companies. It was also felt by Radana indirectly.

"Early 2020 we started the transformation. When it comes to products, from car or motorcycle financing we have changed to a productive one, namely factoring to provide working capital and both heavy equipment and trucking financing," Rizalsyah told Kontan.co.id.

Radana Finance Business Director, Milokevin Wendiady added, currently Radana Finance has two products. First, asset based financing (ABF) to finance heavy equipment and commercial trucks. Second, factoring or factoring.

Radana also rearranged the composition of management or human resources (HR) by recruiting competent workers in the heavy equipment sector to support its new business.

Rizalsyah said the transformation was also carried out by streamlining branch offices. Previously, Radana Finance had 42 branch points. Now HDFA only has one point so that it can improve operational costs.

"We made a lot of improvements by centralizing credit, where previously all branches were able to approve credit, now we are centralizing it. That process makes our performance better," he said.