PT AKR Corporindo Tbk (AKRA) Q4 2023 earnings summary

Executive summary

• FY23 attributable net profit reached a record IDR 2,780bn, up 16% YoY; ROE was 24.7% and ROA 9.2%.

• FY23 total net profit was IDR 3,078bn; operating profit rose to IDR 3,561bn and operating cash flow to IDR 3,502bn.

• Year-end cash was IDR 6,536bn and net gearing was -0.16x, indicating a net cash position.

Financial highlights

• Revenue declined 11% YoY to IDR 42,086,952m; gross profit rose to IDR 4,473bn from IDR 4,252bn.

• Operating profit increased 15% to IDR 3,561bn, EBITDA rose 14% to IDR 4,048bn, and attributable net profit increased 16% to IDR 2,780bn.

• Basic EPS was IDR 140.87, up from IDR 121.77; finance income increased to IDR 197bn from IDR 49bn on a larger cash balance.

• Operating expenses were IDR 975bn, or 2.3% of sales, versus IDR 1,219bn and 2.4% in FY22.

• Total assets were IDR 30,255bn and total liabilities IDR 16,212bn; cash and equivalents were IDR 6,536bn at year-end.

Segment performance

• Trading and Distribution generated IDR 38,213bn in external revenue and IDR 2,837bn in segment profit; it contributed 73% of FY23 gross profit, versus 81% in FY22.

• Industrial Estate and related utilities recorded IDR 2,149bn in revenue and IDR 886bn in segment profit; its gross-profit contribution rose to 22% from 13%.

• Logistics generated IDR 898bn in revenue and IDR 114bn in segment profit; Manufacturing recorded IDR 558bn in revenue and a IDR 38bn segment loss.

• JIIPE booked 91ha of FY23 land sales against a 75ha target; inquiries totaled 665ha.

• Retail fuel volume grew 169% YoY; Eastern Indonesia represented 76% of petroleum sales volume, up from 67% in FY22.