PT. AKR Corporindo, Tbk
JAKARTA, 26 April 2022 – PT AKR Corporindo Tbk (AKRA) Indonesia’s leading logistics and supply chain company distributing petroleum and basic chemicals reported strong growth in Net Profit during Quarter 1’2022 with 40% growth to Rp 428 Billion compared to Rp 305 Billion during same period in previous year. AKRA's revenue in the first quarter of 2022 rose 98% to Rp 10,134 billion aided by higher selling prices of petroleum & basic chemicals and higher sales volumes.
Key Performance Highlights for Q1 2022
The strong performance in Q1 2022 was driven by the Trading & Distribution segment which reported revenue growth of 113% YoY due to growth in demand for energy and raw materials in mining, manufacturing, and other segments along with increases in energy and commodity prices which as had a positive impact in Indonesia.
· Petroleum Segment revenue rose 120% YoY to Rp7,530 Billion
· Chemical Segment revenue rose 112% YoY to Rp 2,070 Billion
A AKRA's operating profit in the first quarter of 2022 increased 18% to Rp 541 billion with strict cost control and increased efficiency. Operational expenses and financial expenses remained under control, thereby increasing Net Profit.
Mr. Haryanto Adikoesoemo, President Director of AKRA stated, “We are happy to report another strong quarter in Q1 2022. The company was able to produce a strong performance despite market conditions which were full of uncertainty due to recent geopolitical conditions and significant volatility in energy and commodity markets. The Company’s extensive logistics and supply chain infrastructure along with effective risk management enabled the company to supply products to consumers on time even in situations of supply chain disruption. The company managed its working capital effectively and also has a strong Balance sheet as at 31st March 2022 with a cash balance of IDR 2.2 Trillion and net gearing of only 0.06x." said Mr. Haryanto.
Strong Balance Sheet with Very Low Net Gearing
The balance sheet remains strong with total assets of IDR 25,263 billion and Total equity of IDR 11,726 billion with net gearing remaining very low at 0.06x and Debt to Equity at 0.25x.
JIIPE SEZ Industrial Estate Prospects
The JIIPE integrated industrial estate has received the status of a Special Economic Zone in 2021. With the recovery of economic conditions and with integrated and multi modal logistics and utilities facilities at JIIPE, AKRA is confident to book sales contracts with various investors. During Q 1 2022 JIIPE successfully recorded sale of one land parcel to an industrial client and is in the process of negotiation and finalization of other land parcels during the coming quarters which will significantly contribute to the AKRA’s financial performance
Annual General Meeting of Shareholders 2022 (AGMS) – 28th April 2022
AKRA will conduct AGMS/EGMS on 28 April 2022 to approve various agenda items including approval of the plan to use the company's net profit for the 2021 financial year. The company's directors will recommend dividend payments to shareholders which are expected to be in line with dividend payments ratio in previous years . The Company has paid dividends above 50% for the last 5 years. Information related to the AGMS/EGMS along with the 2021 Annual Report and Sustainability Report is available on the company's website www.akr.co.id