AKRA Posted Robust Growth in 2018; Revenue grew by 29% to Rp23.5 tn And Net Profit grew by 37% to Rp1.6 tn

JAKARTA, 18 March 2019 – 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 29% y/y from Rp18,288 bn in 2017 to Rp23,548 bn in 2018, with growth seen in both petroleum and basic chemicals trading & distribution businesses. AKRA reported net profit attributable to equity holders of parent entity of Rp1,645 bn during 2018, a 37% increase compared to net profit of Rp1,202 bn during 2017.

HIGHLIGHTS 

•     Consolidated Revenue increased by 29% y/y from Rp18,288 bn in 2017 to Rp23,548 bn during 2018, driven by trading and distribution business.
•     Net Profit increased by 37% y/y from Rp1,202 bn in 2017 to Rp1,645 bn during 2018.
•     Balance sheet remained strong with cash position stood at almost Rp2.2 tn as of Dec 2018. Net gearing is low at 0.21x.
•     Interim dividend of 120 per share has been distributed on 3 August 2018
•     2 Petrol Stations of BP-AKR were opened in 2018, and 3 more stations were opened in 2019
•     The development of stage 1 of JIIPE is on track with all utilities and port have been operating 

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

"We see improving market environment during 2018 which impacted to our volume recovery. We also see higher average selling price both for petroleum and chemicals. We are also happy to announce that AKRA has been trusted in B20 distribution, we are committed to fully support Government’s Mandatory B20 Program for all industrial users.  AKRA has reconsolidated its portfolio through divestment of its non-core assets outside Indonesia thereby strengthening its capital structure. This allows us to move forward with investments in potential growth areas with the right strategy. We entered into retail gasoline market by building partnership with BP. And during 2018 our joint venture with BP has successfully launched BP-AKR Petrol Stations in Indonesia. We believe this strong and secure partnership will have differentiated offering to Indonesian consumers. Furthermore, we also expect the industrial land demand to improve going forward”.