AKRA 9M15 Net Income rises 46% YoY to Rp 845 billion

JAKARTA – 29^th October 2015

PT AKR Corporindo Tbk (Bloomberg: AKRA.IJ) today announced consolidated net profit for the 9 months ended 30th September 2015 of Rp 845 billion, a 46% increase from Rp 579 billion during the same period last year. The company reported improved margins with gross margin of 10.9%, operating margin of 7.2% and net margin of 5.6% during the nine months ending 30th September 2015.

Volumes of petroleum products sold in Indonesia continued to show good growth though selling prices declined due to lower petroleum prices. Consolidated revenues declined by 12% to Rp 15,034 billion from Rp 16,989 billion during the same period last year.

Table 1. Highlights of Consolidated Statements of Income

(Rp billion)

AKRA President Director, Mr Haryanto Adikoesoemo said, “It is my privilege to report another good quarter for AKR where net profit grew by 46% year-on-year despite slowdown in the economic conditions”.

“This proves the robustness of our business model which has consistently delivered growth in profitability despite the volatility in fuel prices and exchange rate. Our strategy in this low oil price environment remains focused in increasing petroleum volumes while maintaining margins through operational efficiencies and cost control” said Haryanto.

“The extensive logistics network and infrastructure across major sea and river ports in Indonesia enables us to provide supply chain logistics and energy solutions for our customers. We continue to invest in expanding this network including the investment in Java Integrated Industrial Port Estate project which is also proceeding on schedule”.

SALES AND REVENUES

Table 2. Sales and Revenues Breakdown by Segment (%)

FINANCIAL POSITION

Total assets of the Company as at 30th September 2015 is Rp 15,917 billion while the total liabilities stood at Rp 8,883 billion. Net equity attributable to the equity holders of the parent company is Rp 7,034 billion.

The Company continued to maintain a low Net gearing of 0.43x as at 30th September 2015 while maintaining a healthy balance sheet. Both ROE and ROA have significantly improved to 19.8% and 7.1% respectively.

Table 3. Balance as at 30^th September 2015 and 31^st December 2014

(Rp billion)

Table 4. Summary of Cash Flow Statement

         (Rp billion)

 Table 5. Financial Ratios

The full financial statements can be downloaded from the Company’s  website http://www.akr.co.id/  

Haryanto Adikoesoemo

President Director