Hartadinata Abadi Records Performance Increase Throughout 2023, This Is The Cause

JAKARTA - PT Hartadinata Abadi Tbk (HRTA) recorded a net profit of IDR 305.80 billion throughout 2023, or grew 20.62 percent compared to 2022.

Meanwhile, this bottom line surge is in line with HRTA's top line growth. In 2023, HRTA pocketed net sales of IDR 12.86 trillion, an increase of 85.96 percent compared to HRTA sales in 2022 of IDR 6.92 trillion.

Director of Investor Relations Hartadinata Abadi Thendra Crisnanda revealed that HRTA's performance growth was driven by a significant increase in pure gold sales volume by growing 66.88 percent from 7.75 tons in 2022 to 12.93 tons in 2023.

Meanwhile, Thendra said the increase in sales volume was in line with the increase in the average selling price, aka Average Selling Price (ASP).

"In addition, the average selling price aka Average Selling Price (ASP) grew by 12.12 percent (YoY) to Rp987,706 in 2023, compared to 2022 of Rp880,922," he explained in his official statement Tuesday, March 26, 2024.

In addition, Thendra added, wholesale sales contributed 51.10 percent of revenue. Followed by export sales of 33.26 percent which started in 2023 and retail sales grew to 14.99 percent in 2023.

Furthermore, Return on Assets (ROA) Hartadinata is at the level of 6.06 percent, while Return on Equity (ROE) is in the 15.50 percent position and the ratio of interest-bearing debt to equity is 1.41 times.

Referring to the financial statements released on the Indonesia Stock Exchange, HRTA's revenue is almost entirely obtained from the sales segment of jewelry and precious metals with a value of IDR 12.77 trillion, which is equivalent to 99.37 percent of net sales in 2023.

If detailed, the surge in HRTA's net sales was caused by export sales of jewelry and precious metals amounting to Rp4.27 trillion in 2023. Meanwhile, in 2022 HRTA has not recorded export sales of jewelry and precious metals.

In addition, the local market for jewelry and precious metals HRTA is also growing compactly, which comes from wholesale and shop segments. Sales from wholesale reached IDR 6.56 trillion or grew 4.45 percent (YoY). Meanwhile, from stores worth IDR 1.92 trillion, or an increase of 256.27 percent compared to 2022's achievement of IDR 540.82 billion.