Adi Sarana Armada, Owner Of An Intermediate Delivery Service Belonging To The TP Rachmat Conglomerate, Receives Rp3.03 Trillion In Income

Illustration. (Photo: Doc. Adi Sarana Fleet)

JAKARTA - The transportation service company PT Adi Sarana Armada Tbk (ASSA) recorded performance growth in terms of revenue throughout 2020. ASSA recorded revenues of IDR3.03 trillion in 2020.

Quoted from the ASSA report published on the information disclosure page of the Indonesia Stock Exchange (IDX), Monday 19 April, the income of this Anteraja courier service owner increased 30.04 percent from 2019 which amounted to IDR2.33 trillion.

However, in line with the increase in income, the cost of revenue also jumped to Rp2.24 trillion from the previous year which was Rp1.58 trillion. In addition, general and administrative expenses also jumped to Rp475.17 billion from the previous year which was only Rp401.98 billion.

Share of losses from associated entities also increased to Rp3.34 billion from the previous year's position of only Rp545.29 billion. This company owned by conglomerate TP Rachmat also recorded an increase in financial expenses to Rp253.55 billion from the previous year which reached Rp244.11 billion.

As a result, the current year's profit was IDR 63.89 billion in 2020, down from the previous year's IDR 91.61 billion. Thus, the profit for the year attributable to owners of the parent entity was IDR 87.14 billion, down 21.06 percent from 2019 which amounted to IDR 110.40 billion.

Basic earnings per share or earning per share also became IDR 25.65, down from the previous year which recorded a profit of IDR 32.5. On the other hand, the company's total liabilities were recorded to have increased to Rp3.73 trillion from the previous year which was Rp3.51 trillion.

With details, the increase in total short-term liabilities to Rp1.43 trillion, increased from the previous year which amounted to Rp1.24 trillion. The increase occurred in accounts payable by third parties, related parties, other payables from third parties, related parties, lease liabilities, accrued expenses and bank loans with maturities of one year.

This was mainly driven by an increase in accrued expenses to IDR232.56 billion, up from IDR90.66 billion in the previous year and an increase in bank loans under one year to IDR734.43 billion from IDR706.4 billion in the previous year.

Meanwhile, current assets decreased to Rp627.68 billion from Rp652.5 billion the previous year. The decrease occurred mainly in cash and cash equivalents, other receivables, prepaid inventories and expenses, and other advances. The position of cash and cash equivalents decreased to Rp191.81 billion in 2020, down from 2019 amounting to Ro254.55 billion.