Heavy Equipment Sales Grow 135 Percent, Kobexindo's Net Profit Grows 295 Percent To 3.94 Million US Dollars In The First Quarter Of 2022

Photo: Doc. Kobexindo

JAKARTA - PT Kobexindo Tractors Tbk (KOBX), an integrated heavy equipment provider, posted positive achievements in the first three months of 2022. Kobexindo posted a surge in net profit growth of 295.58 percent or reached 3.94 million US dollars in the first quarter of 2022 compared to the same period last year 996,976 US dollars.

President Director of PT Kobexindo Tractors Tbk Andry B. Limawan said the positive achievement could not be separated from solid sales performance which grew 106.23 percent. Where sales until the end of March were recorded at 46.52 million US dollars compared to 22.56 million US dollars in the first quarter of 2021.

Furthermore, Andry B. Limawan added that the consolidated sales were supported by the four segments owned by the company, namely Sales of Heavy Equipment Units, Spare Parts, Mining Contractors & Repair Services and Rentals.

Sales of heavy equipment units were recorded at US$38.14 million or grew by 135 percent, the highest increase compared to other segments. This segment is also listed as the largest contributor (82 percent) to Kobexindo's revenue on a consolidated basis.

The spare parts segment was recorded as the segment with the second largest contribution (10.24 percent) with revenue of 4.76 million US dollars. This figure is equivalent to 42.85 percent growth when compared to the same period in 2021.

The next segment is Mining Repair & Contractor Services (4.52 percent) with an achievement of 2.10 million US dollars and lastly, the Rental segment (3.25 percent) with 1.51 million US dollars in revenue. Meanwhile, the revenue for the two segments grew (respectively) by 26 percent and 11.49 percent.

After deducting the cost of revenue of 37.55 million US dollars, Kobexindo managed to record a gross profit of 8.97 million US dollars, growing 78.93 percent compared to the same period in 2021. Meanwhile, operating profit was recorded at 4.38 million US dollars, grew 123.50 percent compared to last year's 1.96 million US dollars and profit before tax was 4.20 million US dollars, a 300 percent increase compared to last year's 1.05 million dollars. US.

Thus, the company recorded an improvement in profit margin before tax from 4.66 percent to 9.03 percent. Meanwhile, net profit margin was recorded at 8.51 percent compared to the same period last year of 4.44 percent.

The solid sales and profit performance has an impact on the company's asset growth. The position of cash and cash equivalents in the first quarter of 2022 grew 290 percent to 18.25 million US dollars when compared to the first quarter of 2021, which was 4.68 million US dollars.

The position of current assets also grew by double digits, 31.62 percent to US$93.87 million, bringing the total assets position to US$139.99 million, growing by 20.13 percent until the end of March 2022. Equity grew 10.97 percent to 39 .32 million US dollars.

Andry explained, the company believes the positive trend of heavy equipment, especially mining will continue at least until the end of 2022. For this reason, Kobexindo believes that the 20 percent growth target for sales by the end of 2022 will be achieved.

To maintain sustainable business growth, Kobexindo always strives to take advantage of all profitable business opportunities. As was done this year by entering the construction sector to support and strengthen the company's diversification strategy.

Dynapac road construction machines and Doosan Portable Power will add to the Kobexindo product line and contribute positively to the company's performance in the future.