Kobexindo's Revenue Soars 154 Percent In The Third Quarter 2021

JAKARTA - PT Kobexindo Tractors Tbk (KOBX), an integrated heavy equipment provider, managed to record a revenue surge of 154 percent to 89.48 million in the third quarter of 2021 compared to the same period in 2020 of 35.20 million US dollars.

This revenue growth was supported by sales growth of the Heavy Equipment Unit Segment by 48.96 million US dollars, to 68.55 million US dollars in 2021. The heavy equipment unit segment is the largest contributor 76.61 percent among other segments, namely; Spare Parts Segment, Repair Service Segment and Mining Contractor and finally Rental segment which consists of heavy equipment rental and building rental.

The heavy equipment unit segment grew by 250 percent compared to the same period last year, while the Spare Parts segment as of September 2021 posted a Net Revenue of 11.55 million US dollars, growing 32.57 percent compared to the same period in 2020, 8.72 million US dollars. This segment contributed 12.91 percent to Kobexindo's Net Revenue, or the second largest after the Heavy Equipment Unit Sales segment.

The third largest segment is the Mining Contracting and Repair Services segment, this segment managed to reach 6.1 million US dollars equivalent to a 6.80 percent contribution to the consolidated Net Revenue. During the first nine months, this segment grew by 88.89 percent compared to the achievement of the same period in 2020, which was 3.22 million US dollars.

"After analyzing the sales achievement in the first semester of 2021, which was confirmed by the performance at the end of September 2021, as well as assessing the sales prospect until the end of next year prudently, the management decided to revise up the 2021 revenue target from 70 million US dollars to 110 million US dollars. "said Vice President Director of PT Kobexindo Tractors Tbk, Martio in a written statement, Thursday, November 4.

He added that the high demand for coal was the main catalyst for the growth in national heavy equipment demand until the end of this year. Preparations for winter and the limited supply of coal in export destination countries are one of the considerations for the prospect of increasing demand for heavy equipment in Indonesia.

Solid revenue performance and a measurable cost management strategy have resulted in lower expense growth than revenue growth. Gross profit in the first nine months grew 155.65 percent to 16.83 million US dollars compared to last year's 6.58 million US dollars.

Likewise, operating profit grew significantly to 7.11 million US dollars after last year's minus 2.45 million US dollars. The growth in profit performance was also shown by the comprehensive income attributable to owners of the parent entity to 4.68 million US dollars, compared to the achievement of the same period last year minus 5.47 million US dollars.

"We continue to monitor the development of the coal industry, which is the engine of heavy equipment sales growth. Management will continue to strengthen its revenue portfolio to create added value and a sustainable business," said Martio.