Bad News From Ace Hardware Conglomerate Kuncoro Wibowo, Their Sales Decreased To IDR 4.6 Trillion In The Third Quarter Of 2021

Ace Hardware outlets. (Photo: Doc. Ace hardware Indonesia)

JAKARTA - Retail issuer PT Ace Hardware Indonesia Tbk (ACES) recorded an unsatisfactory performance in the third quarter of 2021. The revenue and profit of the company owned by conglomerate Kuncoro Wibowo declined in the first nine months of this year.

In Ace Hardware's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Thursday, November 4, the company posted net sales of IDR 4.60 trillion. This achievement decreased by 14.35 percent when compared to the same quarter in the previous year of Rp5.38 trillion.

This decline in sales occurred in all of the company's products, ranging from household improvement products, lifestyle products, and game products. The repair products that contributed the most to the company's sales fell to Rp. 2.45 trillion from the previous quarter in the third quarter of 2020 of Rp. 2.85 trillion.

Furthermore, sales of lifestyle products in the third quarter of 2021 were recorded at Rp. 1.98 trillion, which also decreased compared to the same period in the previous year of Rp. 2.35 trillion. It's the same with game product sales from IDR 174.33 billion to IDR 173.71 billion.

Through these sales, the company posted a gross profit of IDR 2.31 trillion in the third quarter, this gross profit also decreased when compared to the same quarter in 2020 of IDR 2.71 trillion.

Total comprehensive income attributable to owners of the parent company also fell by 39.04 percent. In the third quarter of 2020, it posted a profit of IDR 529.59 billion to IDR 322.85 billion in the third quarter of 2021.

The decrease in total comprehensive income has been seen in the results of operating profit which have significantly decreased compared to the same period in the previous year of Rp688.13 billion to Rp439.17 billion.

Not only that, the company's total assets in the third quarter of 2021 also experienced a decline. At the close of the 2020 book, ACES recorded total assets of Rp7.25 trillion, while in the third quarter it fell to Rp6.93 trillion.

The same thing happened to the company's total equity which decreased to Rp. 4.99 trillion, while at the end of December 2020 it was Rp. 5.22 trillion. Likewise with the company's total liabilities from IDR 2.02 trillion at the end of 2020 to IDR 1.93 trillion in the third quarter of 2021.