Kobexindo Books 12.24 Percent Net Profit Growth In The First Quarter Of 2023

Photo: Doc. Kobexindo

JAKARTA - PT Kobexindo Tractors Tbk (KOBX), an integrated heavy equipment provider, has just released a financial report in the first quarter of 2023. In the first three months of 2023, KOBX managed to record net profit growth (profit attributable to owners of the parent entity) of 12.24 percent or IDR 63.46 billion year on year (YoY) compared to last year's IDR 56.54 billion.

This year the Company changed the recording method to the rupiah. This is because KOBX has now used rupiah currency in most transactions and as part of risk mitigation of currency volatility. This change led to an increase in foreign exchange gain in the first quarter of 2023," said the President Director of PT Kobexindo Tractors Tbk, Andry B. Limawan, in his statement, Thursday, June 1. This net profit achievement was also contributed by sales achievement which reached IDR 525.11 billion in the first quarter of 2023. This value was corrected 21.27 percent compared to last year's achievement of IDR 667.01 billion.

The sales segment of heavy equipment units became the largest contributor with sales figures in the first three months reaching Rp367.19 billion, where this figure was equivalent to a contribution of 69.93 percent to consolidated revenue.

The sales segment of heavy equipment units in the first three months was recorded to have decreased. This is due to delayed sales of fleets (armada/sales of heavy equipment) and will only be realized in the second quarter of 2023.

Based on the contribution, the second largest contributor is the spare parts segment which contributes 13.17 percent to consolidated revenue. This achievement is equivalent to an achievement of IDR 69.14 billion.

The third largest contributor is the repair service segment and mining contractors. This segment contributed 11.71 percent or Rp61.47 billion. This segment is even listed as the segment with the highest growth of 103 percent compared to last year's achievement of Rp30.14 billion, previously in 2022 this segment only contributed 4.52 percent.

Meanwhile, the rental segment (heavy equipment rental and building rental) recorded a contribution of 5.20 percent or Rp27.30 billion to consolidated revenue.

The four segments contributed a total of IDR 525.11 billion to revenue in the first three months of 2023. Meanwhile, the cost of revenue was recorded at IDR 440.51 billion.

Meanwhile, operating profit grew 12.98 percent. This is after reducing gross profit with various expenses such as selling expenses of Rp. 26.06 billion, and general expenses and administration in the first quarter of 2023 of Rp. 57.19 billion and other operating expenses of Rp. 359,182.

The largest addition came from other operating income of IDR 69.68 billion which was caused by foreign exchange gain and incentive income, where the middle rate of the first quarter of 2023 was lower than the end of 2022. So that in the first three months of 2023 KOBX managed to record a operating profit of IDR 71.02 billion compared to last year's IDR 62.85 billion.

Then KOBX recorded a profit before income tax of IDR 65.87 billion grew 9.36 percent compared to last year's achievement of IDR 60.23 billion.