In line with its positive performance, Panorama (PANR) on Tuesday, March 21, 2023, obtained approval from shareholders during an Extraordinary General Meeting (EGM) held at the company’s office. Additionally, during the Annual General Meeting (AGM), the company reported a Revenue of 2022 amounting to IDR 1.53 trillion, a 538% increase compared to the previous year’s revenue of IDR 239.23 billion. As for the Operating Profit for 2022, the company recorded an Operating Profit of IDR 21.86 billion, a significant improvement compared to the loss of IDR 99.63 billion in 2021. Furthermore, the Net Profit for the Year stood at IDR 29.38 billion in 2022, which contrasts sharply with the loss of IDR 134.81 billion in 2021.

"2022 can be considered a turnaround year for the company," said Budi Tirtawisata, CEO of the company, during the Public Expose session after the AGM.

Receives Approval for Rights Issue

During the EGM, the company also obtained approval from shareholders to conduct a Capital Increase with Pre-emptive Rights (PMHMETD) through the issuance of up to 600 million shares at a nominal price of IDR 50 per share, or 50% of the company's paid-up capital. In addition, the company also received approval to issue 200 million warrants.

"Of course, we still need approval from the authorities (OJK) regarding this Rights Issue. The funds raised will be used to strengthen the company’s capital structure, especially considering the pent-up demand that is expected to last for the next 2-3 years, which will require working capital," explained Budi.

The company foresees that pent-up demand will continue for the next 2-3 years. Therefore, the strategy is to continuously develop products according to market demands while implementing smart-operation to reduce operational costs by 50-60%. Smart-operation was implemented even before 2019 and intensified during the pandemic. Some of the initiatives include:

• Panorama Agent as a B2B2C business model,

• Corporate Online Booking Tools to provide corporate clients access to book travel products (tickets, hotel vouchers, transportation),

• Panorama.ID as a platform dedicated to travel products and tour packages,

• Various back-end applications to support productivity and operational efficiency.

This strategy is aimed at increasing revenue while maintaining control over operational costs. Despite the period from January to February 2023 traditionally being a low season, the market remains highly enthusiastic, as seen in the strong booking trends at various travel exhibitions attended by the company.

Some popular destinations for Ramadhan and Lebaran holidays include Japan, South Korea, and Moslem Tour products, which are increasingly popular among the market.