Ace Hardware Owned By Conglomerate Kuncoro Wibowo Earns Revenue Of IDR 6.76 Trillion And Profit Of IDR 664.3 Billion In 2022

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

JAKARTA - The retail company owned by conglomerate Kuncoro Wibowo, PT Ace Hardware Indonesia Tbk (ACES) earned a net profit of IDR 664.3 billion in 2022. This achievement decreased by 3.82 percent year-on-year (yoy) compared to 2021 worth IDR 690.77 billion.

In ACES' financial report, quoted Monday, April 10, the company's decline in profit occurred despite ACES' sales and operating revenues increasing by 3.35 percent YoY's total net reaching IDR 6.76 trillion.

Segmentatively, home improvement products dominate ACES sales totaling IDR 3.60 trillion, followed by lifestyle products reaching IDR 2.74 trillion. Meanwhile, toy products absorb the third-largest income of IDR 262.10 billion.

ACES' basic expenses swelled 4.92 percent yoy to IDR 3.49 trillion, which occurred thanks to an increase in the initial inventory of goods. Operating expenses (sales, general administrations) also rose 3.37 percent yoy to IDR 2.52 trillion, one of which was due to an increase in salaries.

This makes ACES' profit before tax lower at the end of 2022 of IDR 820.8 billion, from 2021 to IDR 844.86 billion.

ACES balance shows an increase in assets of 1.08% yoy to IDR 7.24 trillion. The amount of debt (liability) decreased 17.39 percent yoy to IDR 1.31 trillion, while net capital (equity) grew 6.36 percent yoy to IDR 5.93 trillion.

At the end of last year, ACES held cash and cash equivalents of IDR 2.13 trillion, lower than the position at the end of 2021 of IDR 2.54 trillion.