AKR Corporindo Optimistic Profit In 2024 Up 8 Percent

Illustration (Photo: Doc Antara)

JAKARTA - PT AKR Corporindo Tbk (AKRA) is optimistic that profit growth will increase to 8 percent throughout 2024, supported by the trade and distribution business of fuel, as well as land sales in the Java Integrated Industrial and Ports Estate (JIIPE) industrial area.

"With this, we are still optimistic that this year's AKR growth can be around 7-8 percent profit growth this year compared to last year," said AKRA Director & Corporate Secretary Suresh Vembu during a public expose live, Friday, August 30.

Suresh expressed her optimism that it came from two aspects, namely the performance of trading and distribution, and the second from land sales and utilities at JIIPE.

In addition, Suresh believes that in the second half of 2024, AKR's performance can still grow, driven by the increasing demand for retail industry fuel and chemicals in Eastern Indonesia.

"Maybe this year we are still looking at the prospects for increasing land sales at JIIPE. Earlier in the presentation, we targeted to increase land sales at JIIPE," he explained.

Therefore, Suresh conveyed that the 2025 target is still under consideration and will wait for the results from the fourth quarter of 2024 first so that the strategy for next year will be more mature.

For information, the company recorded consistent growth in its first-half financial performance in 2024 as reflected in net profit attributable to owners of the parent entity in the first semester of 2024 reaching IDR 1,003 billion almost the same as net profit in the first semester of 2023.

Meanwhile, revenue from the Industrial Estate segment grew by 9.7 percent (yoy) to Rp673 billion driven by land sales and recurring income growth from utility of 91.8 percent (yoy) to Rp75 billion.

Meanwhile, the contribution of the Industrial Estate segment to AKRA's gross consolidated profit to 22 percent reached Rp353 billion or grew by 8.9 percent (yoy).