AKR Corporindo, Soegiarto Adikoesoemo Fuel Oil Company Owns IDR 305 Billion Profit In The First Quarter Of 2021

Illustration. (Photo: Doc. AKR Corporindo)

JAKARTA - PT AKR Corporindo Tbk (AKRA) posted an increase in profit in the first quarter of 2021 even though the company's revenue from fuel oil (BBM) decreased compared to the acquisition in the same period last year.

Quoted from AKR Corporindo's financial report, Friday, April 23, the company earned revenue of IDR5.11 trillion, down 19.04 percent from the same period last year of IDR6.34 trillion.

Meanwhile, net profit attributable to owners of the parent entity in the first quarter of 2021 rose 33.7 percent year on year (yoy) to Rp305 billion. In the first quarter of the previous year, the company owned by conglomerate Soegiarto Adikoesoemo's net profit was recorded at IDR228 billion, which was supported by 35 percent growth in operating profit to IDR458 billion.

President Director of AKR Corporindo Haryanto Adikoesoemo said that the growth in net profit in the first quarter of 2021 was a continuation of the strong and consistent performance that had been achieved over the past several quarters.

"In 2020, we have generated a net profit growth of 37 percent. Our supply chain infrastructure network that is spread across Indonesia and supported by an IT platform allows us to deliver products efficiently and without disruption," he explained.

The profitability margin of the issuer coded as AKRA shows an increasing trend with operating profit margins reaching 9 percent in the first quarter of 2021 compared to 5.3 percent in the first quarter of 2020. The net profit margin has increased to 7.4 percent from 3.8 percent previously.

"During the first quarter of 2021, we have seen the momentum of economic recovery. Our Chemical and Retail Fuel Distribution business has had a positive impact from this recovery," he said.

Haryanto expressed his optimism in facing business prospects in 2021. He believes the company can achieve the 2021 target. Further increases in GDP growth and full-scale mining operations after the rain and floods in Kalimantan will increase demand for products that AKRA distributes.