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PT AKR Corporindo Tbk Net Profit 9M 2022 grows 96% YOY - Rp 1,564 Billion – Strong Performance with sustained Cashflow and Strong Balance Sheet

October 24, 2022

JAKARTA, October 24, 2022 – PT AKR Corporindo Tbk (AKRA) reported 96% growth in Net Profit attributable to Equity holders of  Rp 1,564 Billion for the 9 month period ended September 30, 2022. This strong performance was supported by 100% growth in AKRA's Revenue of  Rp 34.6 Trillion driven by sales growth in trading and distribution segment. The Company continued to maintain strong balance sheet and with improved cash flow – Net gearing of the company is (minus) 0.13x with a strong cash balance of Rp 4.37 trillion as at 30th September 2022.

Key Performance Highlights for 9M 2022



Mr. Haryanto Adikoesoemo, President Director commenting on the results said, “We are extremely happy to report excellent financial results for the 9 months ended 30th September 2022; AKR continues to deliver strong results in the year 2022 following up on the strong performance since 2020 when the economies opened Post Covid restrictions;  With its 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; , AKR's time tested business model supported by innovative IT Platform has enabled the company to manage price fluctuation, maintain inventory, and generate significant revenue growth.  AKR also has maintained tight  control costs and improved efficiencies which has also enabled the company to deliver strong results”.

“ Our financial position as at 30th September 2022 is also strong with asset base of Rp 26,670 billion comprising of current assets, fixed assets and also investments in Saleable land and land under development in Java Integrated Industrial and port estate; Cash balance as of 30th September is Rp 4,372 billion with further reduction in Net debt of the Company enabling the company to position itself well in these times of global inflation and increased interest rates” said Mr Haryanto. 

“SEZ JIIPE, integrated industrial and Port estate developed by the Company in Gresik, East Java also has seen increased interest from domestic and foreign investors; We are happy to inform that we have met the Land sales marketing target of 40 hectares for the year 2022 with signing of Land sales purchase agreement and other related agreements for the supply of utilities and services with large foreign investor which we hope to record in Q4 2022. The reported progress of the largest copper smelter project in being developed by PT Freeport Indonesia, also augurs well for the prospects of JIIPE; in total JIIPE has leased land area of 193.5 Ha for this project and we are also preparing all the required utilities which will drive recurring income in the future.” said Mr. Haryanto.



Maintained Cash Flow, Strong Balance Sheet
Cash flow from operating actives during the 9M 2022 reached Rp. 3,737 billion which was utilised by the Company not only for capital expenditure, land acquisition for JIIPE, payment of taxes but also pay a significant cash dividend of Rp 829 billion to the Shareholders by way of final dividend for 2021 and Interim dividend for the year 2022. 

The Company's reported further improvement in key financial ratios; Return on Equity increased significantly to 20.6% and Return on Assets to 7.8%; with very healthy working capital ratios

Mr Haryanto commenting on the prospects and outlook for the year 2022 said, “ Demand for basic chemicals and petroleum products distributed by the Company to various sectors of the economy including manufacturing, mining, bunker, transportation sectors continues to see increased demand with the Indonesian economy continuing to show growth; demand for minerals such as nickel, bauxite, copper and also coal mined in Indonesia is increasing with the current geo political conditions and focus on renewable energy; the Company sees good growth prospects and we are confident of meeting or exceeding our targets for this year”

“ JIIPE project is seeing good demand from foreign and domestic investors and we are seeing good prospects for  land sales from the large land bank ready for sale but also we are targeting those investors who have requirement for Port , large utility requirement which should drive the recurring income of the Company; overall we see these developments enable the company to monetize the assets in JIIPE while contributing to the overall growth in the investments in the Country” 





Corporate Secretary
PT AKR Corporindo Tbk







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