Krakatau Steel Records Revenue Of IDR 10.61 Trillion In The Third Quarter Of 2024

Rupiah (photo: dock. Antara)

JAKARTA PT Krakatau Steel (Persero) Tbk managed to record revenues of US$657.5 million or equivalent to Rp10.61 trillion (assuming an exchange rate of Rp16,142 per US dollar) in the third quarter of 2024.

President Director of Krakatau Steel Muhamad Akbar said the company's revenue was successfully achieved amid operational challenges due to the non-operation of the Hot Strip Mill factory.

"The company has continued to successfully record consolidated revenues of US$657.5 million until the third quarter of 2024," Akbar said in a virtual public expose of Krakatau Steel, Monday, December 30.

The US$657.5 million revenue includes steel products worth US$436.1 million and non-state steel revenues worth US$221.4 million.

Furthermore, Akbar said the increase in revenue was contributed by sales volume of 532,200 tons or 66.3 percent of total revenue.

"Until September 2024 on a consolidated basis, the Company also recorded a gross profit of US$64.3 million and the company managed to reduce the SGA Fee by 15 percent through an efficiency program that was consistently implemented," he said.

Akbar said the company in 2024 also succeeded in implementing a Long Term Supply Agreement of a total of 1,256,000 tons, with details of Hot Rolled Coil 786,000 tons and Cold Rolled Coil of 470,000 tons.

Furthermore, the Akbra is also optimistic that the company's sales performance and revenues can increase in 2025. This is also supported by the collaboration of Krakatau Steel, then the continued transformation and restructuring that continues.

This optimism, continued Akbar, was strengthened by the cooperation between the company and 23 distributor companies, manufacturers and coil centers for product supply over the next 2 years.

"This has also been strengthened after we signed a Long Term Supply Agreement with 23 distributor companies, manufacturers, and coil centers for steel product supply reaching 38,500 tons per month for the next 1 to 2 years," he said.