02 Jul INOV Meets Global ESG Criteria
PT Inocycle Technology Group Tbk (“INOV”), a company that recycles plastic bottle waste into recycled fiber, namely Recycled Polyester Staple Fiber (Re-PSF), has won the sustainability certification given by The Planet Mark, a certification program for development commitments. sustainability towards sustainability. The certification criteria cover ESG aspects, namely Environment, Social, and Governance, in which these three aspects become standards for investors with a focus on sustainability in determining investment. INOV Director, Victor Choi said, "It is important for INOV to get this certification, because it can show that INOV is committed to running a business according to ESG aspects. INOV's core business, which is engaged in the recycling of plastic bottle waste (PET) with the aim of creating economic value from this waste while reducing environmental pollution, can be seen as a concrete action of implementing commitments in environmental aspects. By achieving this certification, INOV will continue to strive to apply ESG aspects in order to realize sustainable values. " In the first quarter of 2020, INOV managed to record revenue that increased by 21% to Rp133.6 billion from Rp110.1 billion in the first quarter of last year. The increasing awareness of environmental sustainability and the trend of using recycled materials in the lifestyle is believed to be driving INOV sales. Although INOV managed to achieve an increase in sales volume, the profit from sales in this quarter was smaller than the same period last year due to pressure from global prices. The pressure from the global economy also had an impact on the decline in INOV's profit, which resulted in losses from foreign exchange differences.
Engaged in the business of recycling plastic bottle waste, INOV is trying to remove the label of Indonesia as the largest contributor to marine waste in the world. One of INOV's efforts to achieve this goal is through the Plasticpay application. "Plasticpay was created to change the mindset that plastic bottles that have been used are not garbage, but products that can be extended in function. Apart from changing the mindset, Plasticpay is also expected to be able to secure the supply chain for plastic bottle waste as the raw material for Re-PSF, "continued Victor.
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