PT Astra International (ASII) Q3 2024 earnings summary

Executive summary

• Net revenue for the nine months ended 30 September 2024 rose 2% year-over-year to Rp246,329bn, with net income before fair value adjustments up 0% to Rp26,186bn and profit for the period at Rp33.4 trillion, nearly flat compared to Rp33.6 trillion in 2023.

• Total assets increased to Rp469,409bn from Rp445,700bn at year-end 2023, while total equity rose to Rp262,044bn.

• The group completed the acquisition of Heartology Cardiovascular Hospital in October 2024, expanding its healthcare portfolio.

• Strategic acquisitions in renewable energy and healthcare expanded the portfolio, including a 20.2% stake in SERD and 95.8% of Heartology Cardiovascular Hospital.

Financial highlights

• Gross profit increased 2% to Rp54,652bn; operating profit declined 2% to Rp31,772bn.

• Net earnings per share reached Rp647, slightly higher year-over-year, excluding fair value adjustments; EPS was Rp639, up from Rp635.

• Net income (before FV adjustments) was Rp26,186bn, up from Rp26,069bn; reported net income after FV adjustments was Rp25,854bn, up 1%.

• Net cash (ex-financial services) was Rp9.9tn at 30 Sep 2024, up from Rp29bn at end-2023; cash and cash equivalents at period-end stood at Rp51.1tn.

• Net cash flows from operating activities rose to Rp36,894bn, while investing outflows decreased significantly.

Outlook and guidance

• The group remains committed to long-term growth through portfolio diversification, expansion in healthcare, and transition to renewable energy.

• Management is actively monitoring market and regulatory developments, including interest rate benchmark reforms.