PT Astra International (ASII) Q2 2024 earnings summary

Executive summary

• Net revenue for the first half of 2024 was Rp159,967bn, down 1–1.5% year-over-year, with net income before fair value adjustments at Rp16,673bn, a 4% decrease year-over-year.

• Profit attributable to owners was Rp15,856bn, with total comprehensive income at Rp23,795bn.

• Automotive and heavy equipment segments saw lower profits due to softer markets and declining coal prices, while financial services, agribusiness, and infrastructure/logistics posted higher contributions.

• Net earnings per share were Rp412 before fair value adjustments and Rp392 after, both lower year-over-year.

• The group distributed a total dividend of Rp21.0tn for 2023, with Rp17.0tn paid in May 2024.

Financial highlights

• Net income (before FV adjustments) fell 4% to Rp16,673bn; after FV adjustments, net income declined 9% to Rp15,856bn.

• Gross profit decreased 2.8% to Rp35,600bn; operating profit dropped 8% to Rp20,848bn year-over-year.

• Net cash (ex-financial services) rose to Rp8.1tn at June 30, 2024, from Rp29bn at end-2023.

• Net cash and cash equivalents at June 2024 stood at Rp53,111bn, up from Rp41,136bn at December 2023.

• Net cash flows from operating activities increased to Rp30,739bn; net change in cash was positive at Rp11,384bn.

Outlook and guidance

• Management highlights a clear transition strategy, ongoing expansion into new businesses and adjacencies for long-term growth, and is evaluating the impact of new accounting standards effective in 2025.

• The group continues to monitor market and industry conditions, focusing on maintaining optimal capital structure and shareholder returns.