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AKRA Posted Robust Revenue Growth in 1Q18 and Continuously Strengthened its Financial Position

26 April 2018

JAKARTA, 26th Apr 2018 – PT AKR Corporindo Tbk (IDX ticker code: AKRA.IJ), distributor of Petroleum, Basic chemicals and provider of Logistic & supply chain services in Indonesia reported robust revenue growth of  34% Y/Y from Rp 4,341 bn in 1Q17 to Rp 5,834 bn in 1Q18, with growth seen in both petroleum and basic chemical businesses. AKRA also reported net profit attributable to equity holders of parent entity at Rp 929 bn in 1Q18 compared to Rp258 bn in 1Q17.

 In addition to the success of land auction of Khalista’s in Lizhou, China in February 18, we also have completed the sale of one of our coal assets called PT Bumi Karunia Pertiwi (BKP).

FINANCIAL HIGHLIGHTS

  • Revenue increased by 34% to Rp 5,834 bn in 1Q18 from Rp 4,341 bn in 1Q17. On Q/Q basis, we saw 20% revenue growth.
  • Operating profit came in at Rp 241 bn in 1Q18, up 11% on Q/Q basis, a 29% decrease from the same period of last year as we recognized forex loss of Rp 7.5 bn in 1Q18 (vs. forex gain of Rp 18.2 bn in 1Q17).
  • We divested Khalista’s sorbitol manufacturing and Bumi Karunia Pertiwi’s coal with total gain amounting to Rp728.7 bn in 1Q18.
  • All in all, our net profit came in at Rp 929 bn in 1Q18 vs Rp 258 bn in 1Q17. EPS (basic) in 1Q18 is Rp 231.88 vs Rp 64.74 in 1Q17.
  • We strengthened our balance sheet with strong cash position and net gearing as of Mar 2018 stood at Rp 1,842 bn and 0.17x, respectively. Pefindo has recently raised our debt outlook to “Positive” from previously “Stable”, while maintained our rating at “idAA-“.

 President Director of AKRA, Mr. Haryanto Adikoesoemo, stated;

"During 1Q18, AKRA has been continuously strengthening its businesses to grow further in the future. AKRA revenue grew by 34% y/y, supported by increase in average selling price of petroleum and Basic chemicals, also new customers of petroleum. AKRA underwent a change in its asset and investment portfolio during 2017 to gain strong capital structure. Auction of lands belonged to Khalista, AKRA’s unit of sorbitol manufacturing in China, has been successfully held in February 2018. The divestment of Company’s coal business PT Bumi Karunia Pertiwi also has been completed in March 2018. Proceeds of the divestment of both units will be redirected to domestic projects that we expect to generate higher returns in the longer term.

 

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