PT Chandra Asri Petrochemical Tbk (TPIA) posted US$1.81 billion in revenues throughout 2020, down 3% over the same period the previous year of US$1.88 billion.

Based on the financial report, TPIA's cost of goods was also reduced by around 4% on an annual basis to US$1.64 million. Despite the decline, TPIA's gross profit still fell by about 65% YoY to US$165.12 million in 2020.

However, TPIA recorded other profits of US$22.94 million. This financial account rose 106% on an annual basis from the previous of US$11.11 million in 2019.

Also, TPIA received tax benefits of US$22.7 million. As a result, the petrochemical company's profit jumped 117% annually to US$51.54 million from US$23.65 million in 2019.

As a result, TPIA was able to record a net profit of US$51.54 million, surging 119% from US$24.18 million the same period the previous year.