PT. AKR Corporindo, Tbk

AKRA Maintained Growth Momentum in 1H /2Q 2020, with Net Profit for the Period growth of +25% y/y

July 24, 2020

JAKARTA, 24 July’ 2020 – PT AKR Corporindo Tbk (IDX ticker code: AKRA.IJ), distributor of Petroleum, Basic chemicals and provider of Logistic & supply chain services in Indonesia reported Net Profit for the Period of 1H 2020 of Rp452 bn (growth of +25% y/y).  It was supported by Gross Profit growth of +22% y/y at Rp1,024bn and Operating Profit growth of 28% y/y at Rp633 bn.  Net Profit for Equity Holders of Parent Entity was Rp432bn (growth of 10% y/y).

The performance was supported by steady contribution from Trading and Distribution business, supplemented by contribution from Industrial Estate and discipline over Operating Expenses.  These results reflect growth momentum being maintained in 2Q 2020, in a very challenging operating environment.  The Net Profit for the Period of 2Q 2020 of Rp211bn (growth +25% y/y) was supported by Gross Profit of Rp466bn (growth 15% y/y) and Operating Profit of Rp294bn (growth 24% y/y).  Net Profit for Equity Holders of Parent Entity was Rp204bn (growth of +8% y/y).   


The Company reported the unaudited financial results for the half year ended 30th June 2020 to Indonesian Stock Exchange today with the following key figures;


Trading & Distribution / Logistics

  • Pendapatan dari Perdagangan & Distribusi 1H 2020 1% y / y menjadi Rp9.171 miliar. Pendapatan dipengaruhi oleh harga yang lebih rendah dari produk BBM dan Kimia dasar.
  • Volume Industri BBM terus tumbuh dari tahun ke tahun, sementara distribusi BBM bersubsidi telah dilanjutkan sejak Januari 2020. Volume BBM ritel telah pulih setelah penurunan pada bulan Maret / April karena PSSB.
  • Pendapatan logistik 1H 20 tumbuh sebesar 10% y/y mencapai Rp410 Miliar dengan pendapatan yang lebih tinggi dari Tangki Penyimpanan.
JIIPE Industrial Estate

The Company posted revenue of Rp240 bn from Industrial estate segment during 1H 2020;

  • Land Sales                         : Rp166 bn
  • Land Lease                       : Rp58 bn
  • Revenue from utilities    : Rp16 bn 

Mr. Haryanto Adikoesoemo, President Director of AKRA, said;

"The Company maintained the growth momentum in 1H 2020, particularly in a very challenging 2Q 2020.  This is a testament to our 1) Stable and proven business model, 2) our product portfolio comprising essential products, 3) wide geographical presence supported by strong logistic infrastructure, and 4) hard work and experience of our management and employees to produce strong performance.  

AKR business model is based on pass-through of volatility in product prices and exchange rates, eliminating inventory loss risk.  This is reflected in another quarter of steady Gross Profit growth by our Trading and Distribution segment, despite sharp drop in Oil prices.  JIIPE continues to see investor interest, translating into land sales and regular lease and utilities revenue.  With the planned passing of Omnibus Law, this process is expected to accelerate.”

He further added, “In 2H 2020, we will do our best to maintain the current growth momentum.  Recent increase in FAME quota by 45% will support this effort.   We are closely monitoring the environment under which our customers are operating and the development of Covid-19 infection rate. But since we have been able to achieve significant milestone in the first half, we hope to be able to achieve our year- end target also.”                                                                                                                                 

Strong balance sheet, Fundamentals remain Solid

  • Cash position as of June 2020 was at Rp1,311 bn lower from Rp 1,650 bn of March 31, 2020. 
  • Total liabilities decreased significantly to Rp8,318 bn as of June 30, from Rp11,230bn as March 2020.
  • Total equity declined marginally to Rp10,235bn as of June 30, 2020, from Rp10,356 bn as of March 2020, due to Final Dividend payment of Rp198bn.
  • Net gearing as of June 30, 2020 is optimal at 0.36x with Return on Equity in 1H 2020 of 10.2%.


  • AKR Corporindo continued its operations without disruption while fully implementing all government regulations regarding Social Distancing.  
  • Annual General Meeting of Shareholders (AGMS) was held on 30 April 2020, as per schedule and with full Social Distancing Protocols.  All 5 Agenda items proposed were approved.   These include, 1) Appointment of Mr. Fauzi Ichsan as the Company's Independent Commissioner for the term 2020-2025, 2) Final dividend for the Year 2019 of Rp50 per share, paid on June 03’2020 and 3) reappointment of 7 Directors for the term 2020-05.   Details available on
  • The Stock Buyback Program was effective March 16 to June 12, 2020.  Against allocation of Rp500 Billion, utilization was Rp118bn.  
  • Ministry of Energy and Natural Resources increased AKR Corporindo 2020 FAME allocation by 45% to 725k KL.  
  • AKR Corporindo Tbk effected payment of Rp895 Billion for maturity of Shelf Registration Bonds I AKR Corporindo Series A 1st Tranche Year 2017 that matured on July 7, 2020.

Haryanto Adikoesoemo

President Director

PT AKR Corporindo Tbk