Growing 37.8 Percent, Abadi Hartadinata Earns IDR 69.84 Billion Profit In The First Quarter Of 2023

Rupiah (Photo: Doc. Antara)

PT Hartadinata Abadi Tbk (HRTA) posted revenue of IDR 2.12 trillion in the first quarter of 2023, an increase of 53.84 percent year on year (yoy) from IDR 1.37 trillion in the first quarter of 2022.

"The growth was supported by sales volume in pure gold which increased by 39.82 percent yoy to 2.16 tons in the first quarter of 2023 from 1.55 tons in the first quarter of 2022," said HRTA President Director Sandra Sunanto quoting Antara.

HRTA also recorded growth in ASP (average selling price) of 10.68 percent yoy to Rp970,295 billion in the first quarter of 2023 from Rp876.67 billion in the first quarter of 2022.

Net profit also grew by 37.80 percent yoy to IDR 69.84 billion in the first quarter of 2023, while NPM (Net Profit Margin) was at the level of 3.30 percent.

Then, wholesale sales increased to the level of 92.54 percent, given export sales, followed by retail sales of 6.60 percent, pawning business 0.72 percent, ROA (Return on Assets) 6.60 percent, ROE (Return on Equity) 15.59 percent, and DER (Debt-to-Equity Ratio) at the level of 1.36x in the first quarter of 2023.

Continuing innovation is a key factor in HRTA's performance growth, one of which is by launching the latest product, namely EMASKU. EMASKU with Secure Certificate is a gold bullion with a level of 99.99 percent accompanied by a security certificate and is available weighing 250 grams, 500 grams, and 1 kilogram," he also said.

In addition, HRTA is said to continue to make it easier for the public to transact gold through the GoldKITA application which is available on the Play Store and App Store.

HRTA collaborates with PT Tiki Line Nugraha Eka Courier (JNE) to provide delivery and pick-up services or buyback pickups for customers who want to buy gold or resell.

"This is expected to increase customer convenience and also be a competitive advantage for the Company," he said.

In March 2023, Sandra said, HRTA entered the export market in collaboration with Kundan Care Product LTD (Kundan) for the export of gold jewelry to India. Kundan is India's largest manufacturing, refinery, and exporter of gold, silver and energy products.

Through this collaboration, HRTA is targeted to get additional sales of 400-500 kilograms of gold per month from exports of 91.6 percent gold jewelry to Kundan starting from March 2023.

The commercial value of the export of gold jewelry transactions is estimated to contribute US$25 million-31 million per month to the Company's consolidated revenue.

Furthermore, Sandra believes that the momentum of achieving the Company's all-time highest performance in the first quarter of 2023 will continue throughout this year.

In the future, HRTA's performance will be supported by incentives from the government to provide tax exemptions on income from gold bullion products and a decrease in gold jewelry value tax for final consumers.

Gold bullion product taxes were lowered from 0.45 percent for those with Taxpayer Identification Number (NPWP) to 0 percent and gold jewelry tax was lowered from 2.1 percent to 1.65 percent.

"We really appreciate the support from the government which will encourage the development of the gold and silver jewelry industry. We see this will be a catalyst considering that Indonesia still has the potential to increase gold consumption per capita where as of 2022 gold consumption per capita is still at the level of 0.18 grams compared to the average Asia at 0.82 grams," Sandra said.