AKRA Core Net Income 2011 Up 96.7% to Rp 611.6 billion - Petroleum Revenue Growth Drives Profitability

JAKARTA, March 26, 2012 - PT AKR Corporindo, Tbk. (Bloomberg: AKRA IJ), Indonesia’s leading integrated supply chain solutions provider and largest private sector distributor of petroleum and basic chemicals reported 96.7% increase in core Net Income attributable to the company of Rp 611.6 billion for the year ended December 31, 2011 compared to Rp 310.9 billion during the year 2010.

The Company reported robust growth in consolidated revenue of Rp 18,806 billion during the year 2011 which is 82.2% higher than the sales revenue of Rp 10,321 billion during the year 2010. The revenue growth was driven by 99.6% increase in sales revenue from Petroleum distribution of Rp 14,915 billion during the year 2011 compared to Rp 7,474 billion during the year 2010. The Company reported increasing demand for High Speed Diesel from mining, power, and industrial sectors in Indonesia which it supplied from its extensive logistics infrastructure spread across Indonesia.

Net Profit after tax for the year ended 31^st December 2011 including the Extraordinary gain of Rp 1,682 billion from the sale of its manufacturing subsidiary, PT Sorini Agro Asia Corporindo Tbk.,(discontinued operations)  during the year 2011 is Rp 2,293 billion.

Commenting on the financial results, Mr Haryanto Adikoesoemo, President Director of PT AKR Corporindo Tbk., said “ AKR delivered strong growth in the Sales revenue in its core business segments, Petroleum and Chemical distribution business during the year 2011. The Company delivered higher volumes of fuel and basic chemicals to mining, industrial and power sector customers  in Indonesia from its extensive logistics network while the profitability improved significantly driven by the top line growth, with the margins being sustained.”

“A strong balance sheet and  well managed  working capital has enabled the company to finance its growth from its own sources, while improving its returns to stakeholders ” said Mr.Haryanto.