Ace Hardware Conglomerate Kuncoro Wibowo's Sales Drop 7.01 Percent To Rp3.32 Trillion In Semester I 2021

Ace Hardware outlets. (Photo: Doc. Kalibata City Mall)

JAKARTA - PT Ace Hardware Indonesia Tbk posted an unsatisfactory performance during the first six months of this year. This issuer with stock code ACES scored a decline in terms of sales and profits in the first semester of 2021.

In Ace Hardware's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Thursday, August 19, the gross income of the company owned by conglomerate Kuncoro Wibowo was recorded at Rp. 3.32 trillion, a decline of 7.27 percent year on year (yoy). Meanwhile, its net consignment sales rose 7.29 percent yoy to Rp70.10 billion.

As a result, Ace Hardware Indonesia's net sales were recorded at IDR 3.39 trillion in the first semester of 2021. This number decreased 7.01 percent compared to the same period the previous year which was recorded at IDR 3.65 trillion.

This decline from the top line has finally eroded ACES' bottom line. In fact, ACES seems to make savings by reducing loads.

For example, the cost of goods sold which thinned 5.60 percent yoy to Rp1.74 trillion. There were also operating expenses and other expenses which were able to be reduced by 2.85 percent yoy and 87.61 percent yoy, respectively.

Thus, Ace Hardware's net profit was eroded by double digits, namely 23.56 percent yoy, to Rp276.93 billion.

For information, until the end of June 2021 ACES pocketed total assets of up to IDR 7.42 trillion. This number increased by 2.46 percent compared to the end of 2020.

Its total liabilities rose sharply 22.17 percent to Rp2.47 trillion. Meanwhile, its total equity decreased 5.18 percent to Rp4.95 trillion.