AKRA Reports Strong Q4 2024 Performance, Contributing to Resilient Full-Year Results - FY 2024 Net Profit of IDR 2,225 Billion; 4Q2024 Earnings Growth of +62% QoQ

Jakarta, March 19, 2025

PT AKR Corporindo Tbk. (AKRA IJ), Indonesia’s leading logistics and supply chain provider for petroleum and basic chemicals and developer of JIIPE Special Economic Zone, today announced its audited financial results for the full year 2024, reflecting solid earnings momentum in Q4 2024 and a resilient financial position despite macroeconomic challenges.

Key Performance Highlights for FY 2024

Key Performance Highlights for FY 2024:

• Net Profit: IDR 2,225 billion, with Q4 2024 earnings surging 62% QoQ to IDR 756 billion, mainly driven by strong performance in the Trading & Distribution segment 

• EBITDA: IDR 3,115 billion, above the five-year average (IDR 2,841 billion), demonstrating strong cash flow generation and operational efficiency.

• Revenue: IDR 38,729 billion, with the Trading & Distribution segment contributing IDR 35,532 billion. This reflects a 7% YoY decline, primarily due to normalization of average selling prices, weather-related disruptions in the mining sector, and macroeconomic conditions. However, petroleum and chemical sales volumes remained stable, highlighting the company's resilience.

• Industrial Estate Revenue: IDR 1,376 billion, supported by:

o   Land sales of 38 hectares, reflecting strong investor confidence despite external economic headwinds.

o   Utilities revenue surging 296% YoY to IDR 318 billion, driven by increasing tenant operations.

o   Port income (equity method) growing 34.5% YoY to IDR 46.5 billion, supported by higher activity levels.

Highlights of Audited Profit and Loss Account for the year ended 2024 vs 2023:

Q4 2024: Strong Finish to the Year

The company delivered a remarkable 62% QoQ increase in net profit in Q4 2024, driven by:

• Stable petroleum and chemical sales volumes despite economic volatility.
• Resilient demand from the mining sector, leading to improved margins in trading operations.
• Significant revenue contributions from JIIPE, with increased land sales and a rise in utilities income.
• Operational efficiency and cost discipline, leading to higher profitability and strong cash flow generation.

Quarterly Performance (3Q24 vs 4Q24)

• Balance Sheet Strength:

• Total assets of IDR 33,109 billion, ensuring long-term financial stability.
• Cash position of IDR 5,366 billion, contributing 16% to total assets, demonstrating excellent liquidity management.
• Net gearing ratio of -0.04x, indicating a net cash position.
• Healthy Returns: ROA at 7% and ROE at 19%, showcasing robust profitability.

Balance Sheet as at 31^st December 2024

Key Financial Ratios:

Strategic Developments & Outlook for 2025

Commenting on the results, President Director, Mr. Haryanto Adikoesoemo, stated:

“AKRA’s ability to deliver strong earnings growth in Q4 2024 amid market challenges underscores the resilience of our business model. Our core segments performed well, with steady trading volumes, and our industrial estate business saw continued investor confidence. Our solid financial position and strong cash flow generation position us well for sustainable growth in 2025.”

Growth Drivers for 2025

AKRA has set a positive growth trajectory for 2025, with expectations of net profit reaching IDR 2.4-2.6 trillion, driven by:

1. 5-7% increase in gross profit from the Trading & Distribution segment, benefiting from stronger mining sector activity and price stabilization.
2. Targeted land sales of 100 hectares at JIIPE, reflecting sustained interest from domestic and international investors.
3. Higher utilities revenue, capitalizing on the continued expansion of tenants at JIIPE, with increased consumption of electricity, water, and waste management services.
4. Expansion in the retail fuel segment, with additional gas station openings to strengthen its fuel distribution network.
5. Sustained working capital efficiency, maintaining a cash conversion cycle of just 2 days, ensuring continued liquidity strength.

Commitment to ESG & Sustainability

The Company’s commitment to sustainability continues to receive appreciation, as reflected in its MSCI ESG rating of ‘A’ since June 2024 and Sustainalytics risk score that keep decreasing to 20.3 since November 2024. The company proactively implemented measures to protect the environment by managing carbon footprints and enhancing biodiversity conservation, to promote inclusive human resource development, and foster positive community relationships in its operational areas.

 With a strong financial foundation, stable earnings visibility, and a diversified revenue base, PT AKR Corporindo Tbk remains well-positioned for long-term growth and shareholder value creation. 

The consolidated financial statements that have been submitted to OJK and IDX today can be downloaded from AKR website www.akr.co.id

Corporate Secretary and Investor Relations

PT AKR Corporindo Tbk