Conglomerate Kuncoro Wibowo's Ace Hardware Sales Drop In The First Quarter Of 2022, From IDR 1.64 Trillion To IDR 1.59 Trillion

Ace Hardware outlets. (Photo: Doc. Medan Center Point)

JAKARTA - The retail company owned by the conglomerate Kuncoro Wibowo, PT Ace Hardware Indonesia Tbk (ACES) reported its financial performance for the January-March 2022 period. The company's sales and profit fell in the first quarter of this year.

In ACES' financial report, quoted on Tuesday, May 3, the company's sales amounted to IDR 1.59 trillion in the first quarter of 2022, down 3.41 percent compared to sales in the first quarter of 2022 of IDR 1.64 trillion.

By product type, the decline occurred in almost all segments. Sales of home improvement products decreased from Rp890.26 billion to Rp867.75 billion, while lifestyle products decreased from Rp696.38 billion to Rp658.42 billion.

The sales of toy products increased from the previous Rp60.87 billion to Rp65.05 billion. The decline in ACES sales also reduced the company's cost of goods sold.

During the first 3 months of 2022, ACES' cost of goods sold amounted to Rp.841.23 billion, down 2.37 percent compared to Rp.861.65 billion in the first quarter of 2022.

This made the company's gross profit decreased by 4.23 percent from Rp. 830 billion to Rp. 785.27 billion in the first quarter of 2022. ACES' operating profit also decreased from Rp. 213.56 billion to Rp. 203.90 billion, or a correction of 4.52 percent YoY.

The decline in ACES' operating profit also led to the decline in comprehensive income for the period attributable to owners of the parent entity to Rp153.49 billion, from Rp161.64 billion in the first quarter of 2021.

As for the end of March 2022, ACES recorded an increase in total assets to IDR7.31 trillion, from IDR7.18 trillion at the end of 2021. Total company liabilities decreased from IDR1.67 trillion at the end of 2021 to IDR1.64 trillion at the end of March 2022.

Meanwhile, the company's total equity increased to Rp5.67 trillion, from Rp5.51 trillion.