PT. AKR Corporindo, Tbk
JAKARTA,
April 26, 2023 – PT AKR Corporindo Tbk (AKRA) reported 42% yoy growth in Net
Profit attributable to Equity holders of Rp 607 Billion for the 3 month period
ended March 31, 2023 compared to Rp 428 Billion during Q1 2022. This
performance is in continuation of the strong results over the past 3 years. The
Company reported Consolidated Sales revenue of Rp 10,959 billion during Quarter
1 2023. EBITDA during Q 1 2023 is Rp 919 billion 41% higher than same period
last year.
AKRA continues to maintain a strong balance sheet during Quarter 1 2023, improving financial ratios supported by efficient working capital management; Current ratio of the Company improved to 1.7x and Return of Equity during this period is reported at 21% .
Key Performance Highlights for 3M 2023
Key
Highlights:
-
Net profit for Q1 2023 : Rp
607 billion 42%yoy growth
-
Gross Profit for Q1 2023 : Rp 1,070 billion 45% Yoy Growth
-
EBITDA for Q1 2023: Rp
919 Billion 41%yoy growth
-
Breakdown of Sales Revenue - Q1 2023:
o
Trading & distribution: Rp 10,012 Billion
o
Industrial estate Segment: Rp 548 Billion
o Manufacturing
and logistic segment: Rp 399 Billion
-
Net profit for the Year prior to Minority Interest FY 2022
recorded 42% growth to Rp 679 billion
-
Strong Balance Sheet:
o
Total Assets as at 31st March 2023 Rp 23,825 billion (Q1
2022: Rp 25,263 billion)
o
Total Equity as at 31st March 2023 Rp 13,805 billion (Q1
2022: Rp 11,725 billion)
o
Current ratio of the company: 1.7x higher compared to Q4 2022
(1.4x)
o
Net Gearing of the company:
0.05x
o
Cash balance on 31st March 2023 – IDR 1,788 billion.
CONSOLIDATED FINANCIAL STATEMENT
Summary of Profit and Loss Account For the Three Months Period Ended 31st March 2023 (Unaudited)
Revenue per
segment – consistent growth with higher traction from industrial estate
Revenue of Q1
2023 shows consistent growth in trading and distribution segment with increasing
contribution from industrial estate segment. During Q1 2023, Industrial estate
segment booked land sales of Rp 482 billion and lease rentals and utilities
increased to Rp 66 billion; in the month of March 2023 JIIPE booked land sales
from a large foregin company, Hailiang who will be constructing plant for
Copper foil and sheets; Trading and distribution revenue grew to Rp 10,012
billion during Q1 2023 from Rp 9,600 billion during Q1 2022 registering a
growth of 4.3%;
Revenue per segment
Gross
Profits – Higher contribution from Industrial Estate segment
Trading
and distribution gross profit increased by 20%yoy to Rp 717 billion. Industrial
estate segment contributed 26% of the Consolidated gross profit and grew 352%yoy
to Rp 276 billion during Q1 2023; Overall Gross Margin during the Q1 2023 improved
to at 9.76% of Sales Revenue.
Gross profit per segment
Mr. Haryanto
Adikoesoemo, President Director commenting on the results said, “We are happy
to announce financial results for the 3 months ended 31th March 2023; AKR
continues to deliver strong performance in the beginning of 2023. With
extensive logistics and supply chain infrastructure and disciplined supply
chain management strategy, AKR has succeeded in delivering products to meet
customer demand in timely manner despite the
global disruptions and supply chain issues. Furthermore AKR is
consistently executing stringent working capital management in the middle of
rising interest rate environment and market uncertainty leading to a leaner
balance sheet. Also, we also make efforts to perform efficiently which lead our
opex-to-gross profit ratio to decline to 24% from 27% in 1Q22.”
“We continue to
perform consistently with Net Profits for 1Q23 reaching IDR 607bn or growing by 42%yoy.
This strong growth stemmed from improving trading and distribution business and
higher contribution from JIIPE as we continue to intensively market Land and
utilities which has enabled us to finalise land sales and utilities contracts
with international companies. We believe the mix of investment will provide
strong and consistent growth to the shareholders.”
Mr Haryanto
commenting on the prospects and outlook for the year 2023 said, “the
macroeconomic indicators shows that Indonesia is in the direction of expanding
the down stream and manufacturing industry, providing room for growth for basic
chemicals and petroleum products to various sectors. With strong support from
government and steady development, this will serve as tailwind for the
company.”
“Furthermore, our
industrial estate business starts to gain significant traction as down stream
program of government shows continous progress and better investment
environment; the largest copper smelter being built in JIIPE and investments from various down
stream manufacturing industries is
creating an ecosystem for Copper and EV
related industries. JIIPE project is seeing good demand from foreign and
domestic investors and this will spur the land sales and recurring income of
the Company in the short to medium term”, said Mr Haryanto
STRONG BALANCE
SHEET adapting to rising rate environment
AKR Balance sheet
as at 31st December 2022 reflects a strong position with Total
Assets of Rp 23,825 billion and Net Equity of Rp 13,805 billion. The company is
also adapting to potential rising interest rate environment in the upcoming
quarters by efficient working capital management leading current ratio to
improve to 1.7x in 1Q23 from 1.4x. the net gearing ratio is also maintained at
the low level at 0.05x the Q1 2023 with
gradual reduction of interest bearing debt.
Balance sheet
Key Ratios
The Company's reported further improvement in key
financial ratios; Return on Equity improved significantly to 21% compared to
previous periods and Return on Assets to 10%; with very healthy working capital
ratios.
Interest Bearing Debt and Net Gearing Ratio
ROE and ROA
|
The consolidated financial statements that have
been submitted to OJK and IDX today can be downloaded from the company's
website www.akr.co.id
Corporate Secretary
PT AKR Corporindo Tbk
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