Saratoga Delivers Strong Results in 2019, Driven by the Performance of the
Diversified Investment Portfolio
Jakarta, March 16, 2020 – PT Saratoga Investama Sedaya Tbk. (Saratoga, ticker code: SRTG)
posted a net profit of Rp 7.3 trillion in 2019. The significant increase of the net profit was driven by an
increase in investment value and dividend income of Saratoga’s investee companies. During this
period the Net Asset Value of Saratoga’s portfolio reached Rp 22.85 trillion, up 44.9 percent, from Rp
15.77 trillion in 2018.
In 2019, investment in shares and other equity securities recorded a net profit of Rp 6.2 trillion. This
was mainly driven by an increase in mark-to-market share prices of PT. Tower Bersama Infrastructure
Tbk. (ticker code: TBIG), PT Adaro Energy Tbk. (ticker code: ADRO) and PT Merdeka Copper Gold
Tbk. (ticker code: MDKA).
Saratoga also managed to record a dividend income of Rp 1.99 trillion, an increase of 121.5 percent
from 2018 of Rp 900 billion. The dividend income is the highest since Saratoga became a publicly
listed company. The dividend income is attributable to PT Tower Bersama Infrastructure Tbk, PT
Adaro Energy Tbk and largely PT Mitra Pinasthika Mustika Tbk (ticker code: MPMX).
Saratoga’s President Director, Michael Soeryadjaya, explained, “We are thankful for our
achievements in 2019. The strong performance of the investee companies was supported by the solid
business fundamentals. As a shareholder to our existing investee companies, our job is to continue to
engage and support them in reaching their maximum potential. In addition, as an active investment
company, Saratoga believes in the long-term potential of the three main sectors: natural resources,
infrastructure and consumer and will continue to actively invest in these areas as we always have.”
In terms of the business outlook in 2020, Michael mentioned, “In the midst of various global and
domestic challenges, Saratoga will continue to carry out active investment strategies in a disciplined,
measurable and prudent manner. We believe that with Saratoga’s experience and expertise, the
company’s investment value will continue to see optimal growth”.
Selective Investee Company Performance Highlights
PT Merdeka Copper Gold Tbk (ticker code: MDKA) experienced rapid growth as a copper and gold
mining company in 2019. Gold production grew 33.2 percent from 167,506 ounces in 2018 to 223,045
ounces in 2019. The porphyry exploration project in Tujuh Bukit, MDKA’s flagship assets, continues to
make great progress as the Pre-Feasibility Study advanced with further strong results from
PT Mulia Bosco Logistik (MBL) has expanded its capacity in both the truck and storage fleets. In
2019 MBL added an additional warehouse in Makassar, South Sulawesi and more trucks to its fleet.
Saratoga has been actively working with management in financial and business development, as well
as operational and risk management improvements.
PT Mitra Pinasthika Mustika Tbk (ticker code: MPMX) experienced robust growth, making the
company the largest contributor to Saratoga’s dividend income in 2019. In the first quarter of 2019,
Saratoga increased the ownership of MPMX by launching a voluntary tender offer. As a result,
Saratoga has become the majority shareholder.
PT Famon Awal Bros Sedaya (FABS), a private hospital with international accreditation, Joint
Commission International (JCI) in Indonesia, is on a mission to provide international standard health
services. In 2019, the FABS launched a new hospital in North Bekasi and began operating another
hospital in Sorowako, South Sulawesi. In addition, FABS continues to strengthen its operation by
setting up a center of excellence, which aims to provide more maintenance, upgraded equipment, and
improved technology, with the full support of Saratoga behind its operations and business expansion.
This month FABS will launch a new hospital in Karawang, West Java. This hospital will be the ninth
hospital under the FABS auspices.
PT Deltomed Laboratories, one of the major players in the herbal medicine industry, has increased
its production capacity and product range such as wider variants of OB Herbal, Tejahe and Kojima in
2019. In addition, it has also launched Kuldon granule, a supplement that helps reduce body heat and
Herbamojo, a male-specific product with seven herbal extracts that can boost stamina, energy,
immunity, and blood circulation.