The Avian Paint Factory Owned by Crazy Rich Surabaya Hermanto Tanoko Burns Down

The factory of the paint company owned by the crazy rich Surabaya Hermanto Tanoko, PT Avia Avian Brands Tbk (AVIA), in Buduran Sidoarjo caught fire. There were explosions during the fire incident, but fortunately, there were no casualties reported, and the company’s operations were not significantly disrupted.

According to information obtained from the Indonesia Stock Exchange (BEI) disclosure, the fire occurred in one of the solvent raw material warehouses. The management stated that they were able to act quickly within 10 minutes of the fire starting by using fire hydrants to extinguish the flames. With the help of local firefighters, the fire was successfully put out at 1:45 am early this morning.

In terms of performance, AVIA recorded a 9.8% growth in consolidated gross profit in the first quarter of this year, reaching Rp886 billion with a gross profit margin of 46.5%. This profit was derived from a 6.9% increase in total consolidated sales compared to the same quarter the previous year, reaching Rp1.9 trillion.

The bottom-line performance also showed positive growth, with EBITDA and net profit growing by 6.9% and 7.0% respectively year-on-year. Additionally, the EBITDA margin was recorded at 29.1%, and the net profit margin was 23.4%.

This incident highlights the importance of safety measures in industrial facilities to prevent accidents and ensure the well-being of employees. It also showcases the resilience and quick response of the company’s management and local firefighters in handling the situation effectively.

Overall, despite the unfortunate fire incident, PT Avia Avian Brands Tbk (AVIA) has shown strong financial performance and growth in the first quarter of the year. Investors and stakeholders can take confidence in the company’s ability to overcome challenges and continue to thrive in the market.