Humpuss grows into giant holding company<\/p>\n
JAKARTA (JP):The Humpuss Group, which started business 10
\nyears ago, has grown into a giant holding company of widely-
\ndiversified businesses with total assets of more than Rp 1.05
\ntrillion (US$491.11 billion).<\/p>\n
Edwin Hudioro, the group's finance director, said here over
\nthe weekend that the group's total sales reached almost Rp 1
\ntrillion in 1992, giving it a before-tax profit of Rp 600
\nbillion.<\/p>\n
This profit figure is far higher than the Rp 100 billion
\nreported by the Swa magazine recently.<\/p>\n
Edwin said that the Humpuss Group, which is controlled by
\nPresident Soeharto's youngest son, Hutomo Mandala Putra, 32, who
\nis known as Tommy, currently consists of 20 companies, six of
\nwhich are still in the process of establishment.<\/p>\n
The group, which is organizing celebrations to commemorate its
\n10th anniversary, also has minor shares in four companies.<\/p>\n
\"We expect to gain more income from two new important
\nprojects, which we hope will raise our assets and revenues by
\nalmost 50 percent within the next two or three years,\" he said.<\/p>\n
Projects<\/p>\n
The two projects are a methanol plant in East Kalimantan which
\nwas launched last November by PT Kaltim Methanol Industri and PT
\nHumpuss Terminal Peti Kemas's container terminal at Tanjung Priok
\nport, which is expected to start operating in 1996 or 1997.<\/p>\n
The group's Media Humpuss internal magazine reported that
\nKaltim Methanol Industri's methanol plant has a production
\ncapacity of 660,000 tons per year, of which 60 percent is for
\nexports and the remaining 40 percent for domestic sales.<\/p>\n
Bernardino M. Vega, the group's planning director, said that
\nduring the first five years of operation, the group's line of
\nbusiness was mainly in transportation services.<\/p>\n
\"Our transportation subsidiaries during the time included PT
\nGatari Air Service, an air charter company, and PT Humpuss Sea
\nTransport, a company specializing in the shipment of liquefied
\nnatural gas (LNG) and methanol, which will soon add two new
\ntankers to its present nine-ship fleet,\" he said, adding that an
\naffiliate of the group, PT Sempati Air, operated in scheduled air
\ntransportation.<\/p>\n
PT Marga Mandalasakti, an affiliate operating in land
\ntransportation, is currently carrying out construction, and will
\nsoon be managing a 77.4-kilometer toll road linking Tangerang
\nwith Merak, both in West Java, in cooperation with PT Jasa Marga,
\nthe state-owned company authorized to manage highways throughout
\nthe country.<\/p>\n
\"In May or June, Humpuss will also launch repaired double-
\ndecker buses, which are presently managed by Jakarta's Public Bus
\nTransportation Company (PPD),\" Bernardino said.<\/p>\n
He said that over the past five years, the Humpuss Group has
\nestablished new companies operating in the petrochemical and oil
\nindustries.<\/p>\n
Its companies operating in the oil industry include PT Humpuss
\nPatragas, which explores for oil and gas operates in Central
\nJava, and Perta Oil Marketing Ltd., a Hong Kong-based company
\nselling Indonesian oil to foreign buyers.<\/p>\n
Core<\/p>\n
\"We are now focusing our operations in three core businesses
\n-- transportation and the petrochemical and oil industries,\" he
\nsaid.<\/p>\n
Bernardino said the group recently restructured its management
\nto improve efficiency.<\/p>\n
He said the group now has one president, two directors -- one
\nas planning director and the other as executive director -- and
\nfive managers. The previous management consisted of one
\npresident, one executive director, two assistant directors and
\neight managers.<\/p>\n
The restructuring also caused a shift in the role of the
\nholding company from an operating holding one to an investment
\nholding one, which will concentrate on making guidelines for the
\ngroup's overall policies, Bernardino explained.<\/p>\n
A spokesman for the group said the group's assets steadily
\nincreased from Rp 100 billion in 1987 to Rp 175 billion in 1988,
\nRp 275 billion in 1989, Rp 700 billion in 1990, Rp 800 billion in
\n1991 and Rp 1 trillion in 1992.<\/p>\n
Its sales rose from Rp 180 billion in 1987 to almost Rp 300
\nbillion in 1988, Rp 900 billion in 1989 and Rp 975 billion in
\n1990, but decreased to Rp 900 billion in 1991 before rising back
\nto Rp 950 billion in 1992. (10)<\/p>",
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