PT Kobexindo Tractors Tbk (KOBX) released a financial report (unaudited) in the first quarter of 2024. KOBX reported revenue growth of 1.30 percent year on year (YoY) to IDR 531.94 billion, compared to last year's achievement of IDR 525.11 billion. KOBX's revenue growth was supported by the company's sales performance of business segments.
Andry B. Limawan, President Director of Kobexindo Tractors said KOBX's strategy to continue to strengthen the line of leading non-mining products paid off. In 2023, KOBX added a new product line from the developer in the form of a 5-ton ton class excavator which is commonly used for the infrastructure or construction segment.
"We hope that sales of non-mining heavy equipment/coal can gradually continue to grow and be able to balance sales of coal mining heavy equipment units," he said in a press release, Monday, May 6.
For the record, currently KOBX has four main business segments, namely sales of heavy equipment units, sales of spare parts, repair services and mining contractors, as well as rental heavy equipment and buildings.
Heavy equipment unit sales such as mines and non-mining are the largest contributors to KOBX's consolidated revenue. The segment accounts for 64.91 percent of total sales in the first quarter of 2024. This figure is lower than last year's contribution of 69.93 percent.
This indicates the growth in contributions from segments outside of unit sales. In the first three months of 2024, KOBX posted sales of heavy equipment units of IDR 345.29 billion, corrected 5.97 percent compared to 2023 of IDR 367.19 billion.
The second largest revenue contribution for KOBX came from the spare parts sales segment with a contribution of 19.15 percent. Until the end of March 2024, this segment posted revenue of IDR 101.85 billion, up 47.30 percent compared to last year's IDR 69.14 billion.
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This achievement made this segment experience the highest increase in growth compared to others.
The second largest growing business segment after the spare parts sales segment was the rental business. This segment recorded double-digit growth, which was 19 percent to Rp32.49 billion in the first quarter of 2024, from the previous Rp27.30 billion.
The KOBX mining service segment and contractor posted revenue of IDR 52.31 billion in the first quarter of 2024, corrected 14.90 percent from last year's IDR 61.47 billion. This segment contributed 9.83 percent or the third largest to the company's consolidated revenue in the first quarter of 2024.
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