Overall, the Company's AGMS approved the following 5 agendas:

1.      Approval and ratification of the Report of the Board of Directors regarding the course of the Company’s business and financial administration for the financial year ended on December 31st, 2023 as well as the approval and ratification of the Company’s Financial Statements including the Balance Sheet and Profit/Loss Statement for the year ended on December 31st, 2023 that have been audited by the Independent Public Accountant, and the approval of the Company’s Annual Report, the report of the Board of Commissioners supervisory duties for the fiscal year ended on December 31st, 2023, and to provide settlement and discharge of responsibility (acquit et de charge) to all members of the Board of Directors and Board of Commissioners for the actions of management and supervision that have been conducted in the fiscal year ended on December 31st, 2023.

2.      Approval for the proposed plan of the Company’s Net Income usage for the fiscal year ended December 31st, 2023.

3.      Appointment of Independent Public Accountant Firm to conduct audit of the Company’s financial statement for the year ended December 31st, 2024.

4.      Determination of remuneration for members of the Company's Board of Commissioners and Directors.

5.      Approval of the plan to transfer some buyback shares of the Company (treasury shares) through the establishment and implementation of Management and Employee Stock Option Program (MESOP) with total of 156,500,000 shares or 0.78% of the issued and fully paid-up capital of the Company.

The Company's Treasury shares, which are the results of the buyback carried out in the period 16 March 2020 - 12 June 2020, amounting to 336,305,000 shares, must be transferred no later than June 2026.

The MESOP program was selected as one way to transfer Treasury Shares by considering the consistent improvement in the Company's performance and profitability every year, which is also supported by the performance and commitment of each management and employee of the Company. The MESOP program will be implemented in stages starting in August 2024, then the remaining treasury stock will be sold back to the capital market.

AKRA Recorded 3M 2024 Net profit of IDR 595 billion and Booked Industrial Estate Revenue of IDR 387 bn

Highlights:

-          PT AKR Corporindo Tbk (AKRA) reported Net Profit attributable to Equity holders of IDR 595 Billion

-          Consolidated Sales revenue during 3M 2024 is Rp 9,811 billion lower year-on-year basis due to lower average selling price and lower mining activity due to unfavorable weather and other conditions.

-          During 1Q 2024, IDR 387bn revenue booked Industrial Estate Segment from land sales, land lease and utilities.

-          EBITDA during 3M 2024 reached IDR 832bn.

-          Strong performance resulted in ROE of 19% and ROA  10% (TTM).

-          Strong balance sheet position with total assets of Rp 30,418 billion as of 31st March 2024 and low debt.

-          Cash position as of 31st March 2024 is Rp 6,643bn or 22% to total asset with net Gearing Ratio at -0.12x.

Key Performance Highlights for 3M 2024

CEO Statement on Financial results three months ended 31st March 2024

 “AKR continues to sustain profit growth during 1Q 2024; trading and distribution business is expected to grow with the increasing demand for petroleum and chemical in the mining segment in 2024. Investment in tank terminal, ship and logistics will enable AKR to serve more customer efficiently. The company continues to pay attention to managing Forex movement and also the pass through of petroleum price movement.” 

“JIIPE KEK continues to intensify market land sales and utilities and during the 1Q 2024 booked land sales of IDR 317bn. With many large plants being commissioned during FY2024, the utilities and port income are expected to increase. Overall, we continue the growth momentum since 2022 when we reached new profitability. We continue to maintain our guidance of achieving net profit growth of 12 -15% during the FY2024” Said Haryanto Adikoesoemo, President Director of AKR Corporindo.

AKR Corporindo Tbk Annual Report and Sustainability Report. for the 2023 financial year, it can be accessed via the following website or link AR2023 and SR2023.

Corporate Secretary

PT AKR Corporindo Tbk

For More Information please Contact:

[email protected] 

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