PT Avia Avian Tbk (AVIA) Q4 2023 earnings summary

Executive summary

• FY2023 net revenue was Rp7,016,882 million, up 4.8% YoY, and profit for the year was Rp1,643,096 million, up 17.3%; the independent auditor issued an unmodified opinion.

• Gross margin reached 45.4% and net profit margin 23.4%, both five-year highs.

Financial highlights

• Net revenue was Rp7,016,882 million versus Rp6,694,171 million; cost of goods sold was Rp3,833,546 million versus Rp3,976,771 million.

• Gross profit rose 17.1% to Rp3,183,336 million; EBITDA increased 15.8% to IDR 1,928B.

• Profit before tax was Rp1,992,143 million versus Rp1,745,247 million; profit for the year was Rp1,643,096 million versus Rp1,400,365 million.

• Q4 gross profit was IDR 825B, up 12.0% YoY, with a 44.5% gross margin; EBITDA was IDR 503B versus IDR 420B and net profit was IDR 447B versus IDR 353B.

• Net cash from operating activities was Rp1,585,535 million versus Rp1,461,499 million; year-end cash and cash equivalents were Rp1,230,544 million versus Rp2,170,720 million.

Outlook and guidance

• FY2024 sales guidance: value growth of 6–10% and volume growth of 4–8%.

• 2024 plans include product launches, more tinting machines, distribution-center expansion, ~2-hour express delivery, and internal-process and ESG improvements.