Dear Shareholders and Stakeholders,
With praise and gratitude we pray to the presence of God Almighty, for the abundance of His grace to all of us that helped Pelindo deliver a good performance even though the economic condition was still hampered by the COVID-19 pandemic. The Board of Directors together with all levels of management and employees remained committed to providing the best so that the general targets set for the Company were achieved.
2021 was a very important year for the Company with the merger of Pelindo I, III and IV into Pelindo II, a strategic initiative by the Government as a shareholder to create a stronger national connection network and logistics ecosystem. With this merger, it is hoped that the maritime connection network between connections between domestic and international ports will increase.
Please allow us to submit our report on the management of the Company for the fiscal year 2021, including the Company’s performance, analysis of the Company’s prospects, developments in corporate governance, performance assessments for the Committees below the Board of Directors, and changes in the Board of Directors’ composition.
COMPANY PERFORMANCE ANALYSIS
The Company’s performance was impacted by the global and national economic conditions, and the condition of the port industry in particular. Based on the observed trends, especially the vaccination efforts, it is projected that economic recovery will occur gradually in line with vaccination rates and the achievement of herd immunity. Overall, the global economy is expected to continue to recover positively and reach the 2019 GDP level between 2021 and 2022 based on the International Monetary Fund (IMF) and the World Bank projections. China as the country that experienced the earliest COVID-19 pandemic experienced a significant economic recovery and exceeded its 2019 GDP. Other countries such as America and India are expected to experience recovery, exceeding the 2019 GDP in 2021-2022, with European countries and Japan expected to recover in 2022. In addition to GDP, other indicators including the Manufacturing Purchasing Managers’ Index (PMI), retail and creation mobility, passenger vehicle sales, and retail sales also showed a positive rate of recovery.
Nevertheless, there is still uncertainty concerning the global economic recovery as the recovery can be influenced by several factors related to COVID-19 infection: (1) increased infections of the delta variant, (2) vaccination rates, (3) the possibility of the emergence of new, more dangerous variants. The spread of the delta variant has been observed in various countries in the last few months, and in some countries, we can see an increase in the spread of the delta variant after easing social
