PT Voksel Electric Tbk (VOKS) Anticipates Cable Price Increase in 2024

PT Voksel Electric Tbk (VOKS), a cable manufacturer, has stated that there is a slight increase in cable prices this year. VOKS will capitalize on this price increase opportunity to enhance its performance.

Voksel Electric's Corporate Secretary, Masrana, mentioned that the current trend in cable prices shows a slight increase compared to the prices of the previous year. The price hike ranges from 5% to 10%, depending on the type of cable.

He stated that Voksel Electric's strategy this year will remain focused on efficiency and productivity. Voksel will also continue to seek breakthroughs for better quality products that can be more competitively priced.

"Another strategy is to optimize our business value chain, considering that our controlling shareholder is a world-class cable player," Masrana told KONTAN on Thursday (February 15).

In December 2023, Voksel Electric announced a new controlling shareholder, a Hong Kong-based company, Hengtong Optic-Electric International Co. Ltd. The Hong Kong-based company acquired VOKS shares totaling 1.78 billion shares, equivalent to 42.97%.

Regarding this year's business targets, Masrana conveyed that they are slightly conservative compared to last year's targets. This is due to the political climate this year, so the company is considering many factors.

VOKS will leverage the ongoing development projects. If there is an increase in development trends around properties, the demand for cables will automatically rise. This will impact Voksel's business development.

Sales in the electric cable sector have increased due to the Main Distribution Material (MDU) and Refinery Development Master Plan (RDMP) projects in Balikpapan. The increase is based on the sales growth in 2023 and manufacturing cost efficiency.

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