AKRA Posted Very Strong Net Profit growth of 58% for the Period Q1 2021
April 23, 2021
JAKARTA, 23 April’ 2021 – PT AKR Corporindo Tbk (IDX ticker code: AKRA.IJ) reported Q1 2021 Net Profit for the Period growth of 58% compared to 2020, at Rp380bn. Net Profit for AKR shareholders is up 34%, at Rp305bn. The Operating Profit was up 35% to Rp458bn. Balance Sheet has strengthened further with Net Gearing coming down to only 11%, from 22% in Dec 2020.
Mr. Haryanto Adikoesoemo, President Director of AKRA stated, “Our Q1 2021 Net Profit growth of 58% is a continuation of consistent strong performance that we have been delivering over the last few quarters. In full year 2020, we had delivered 37% Net Profit growth. Our supply chain infrastructure network spread across Indonesia and supported by IT platform enables us to deliver products efficiently and without disruption. Our profitability margins show rising trend with Operating Margins in Q1 2021 of 9%, against 5.3% in Q1 2020. Net Margins have increased to 7.4% against 3.8% in Q1 2020”
He added, “During Q1, 2021, we have seen economic recovery gain momentum. Our Chemical distribution and Retail Petroleum businesses have benefitted from this recovery. The Java Integrated Industrial Port Estate (JIIPE) has further increased its contribution to the profit with land sale of 14.1ha. With KEK status expected to be approved soon by the President of Republic of Indonesia, we expect consistent land sales in JIIPE in future. Our new joint ventures in petroleum and chemical businesses continue to make substantial progress in establishing market presence that will support our future profitability.”
Mr. Haryanto Adikoesoemo concluded with an upbeat outlook for 2021, “We remain confident of achieving our 2021 targets. Further pick up in GDP growth and full-scale mining operations after rains and flooding in Kalimantan will boost demand of products that we distribute. Our balance sheet is extremely strong, comprising large portion of earnings assets. This helps us in financing our growth initiatives while maintaining consistently high dividend payout ratio of more than 50%.”
CONSOLIDATED FINANCIAL RESULT
The Company reported the consolidated financial results for the year quarter 31st March 2021 to Indonesian Stock Exchange today with the following key figures.
The consolidated financial statements of the company were filed with IDX today which is available for download from the company’s website di www.akr.co.id
PT AKR Corporindo Tbk