AKRA Maintains Net Profit from Continuing Operation at Rp 562 bn in 9M19, with Margin Improvement

JAKARTA, 25 Oct, 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 revenue of Rp 15,119 bn and core net profit (from continuing operation) of Rp562 bn during the 9 months ended 30th September 2019. During the corresponding period in 2018, the Company posted Revenue of Rp 16,829 bn and Core Net Profit of Rp 561 bn.  AKRA reported margin improvement during 9M 2019 compared to the same period last year. The unaudited financial results for the semester ended 30th September 2019 was filed with the Indonesian Stock Exchange today.

AKRA also showed robust Q3’19 revenue with 16% q/q growth at Rp 5,405 bn, supported by trading & distribution segment, with both petroleum and chemicals exhibited volume growth. Petroleum volume grew by 27% q/q, while chemicals volume grew by 2% q/q.

HIGHLIGHTS 9M2019

• Gross Margin during 9M2019 expanded to 8.5% from 7.1% in 9M 2018, and operating margin improved to 4.8% in 9M 2019.
• Gross profit of Rp 1,285 bn  (+7% y/y) and operating profit of Rp 728 bn (+4% y/y).  
• The Company posted revenue of Rp 61bn from Industrial estate segment, during 9M 19. 
• Maintain Core Net Profit at Rp562 bn in 9M2019 (vs. Rp 561bn during same period last year) 
• In 2018, the Company booked gain from assets divestment of subsidiaries in China at Rp737 billion

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

" Our performance in 9M19 showed resiliency in our business, with margin improvement driven by trading and distribution segment.  Overall revenues in Q3’ 2019 were robust with 16% q/q growth at Rp 5,405 bn, driven by both petroleum and basic chemicals businesses.” 

“  JIIPE has seen revival of interest from investors and booked land sales during Q 3’ 19; Land measuring 103 ha for the smelter project of  PT Freeport Indonesia has been handed over since May 2019 and currently JIIPE is in the process of planning Power plant and other utilities to support the Project; With improving prospects JIIPE is expected to attract more industrial tenants with  benefits the integrated industrial estate offers”, Said Mr. Haryanto.