AKR Corporindo Owned By Soegiarto Adikoesoemo Conglomerate Earns IDR 25.70 Trillion In Revenue And IDR 1.1 Trillion In Profit In 2021

JAKARTA - The fuel distribution company owned by the Soegiarto Adikoesoemo conglomerate, PT AKR Corporindo Tbk (AKRA) managed to record a brilliant performance in 2021. AKR's profit and revenue increased significantly during the past year.

In AKRA's financial report, quoted on Wednesday, March 23, the company recorded a net profit of IDR 1.1 trillion throughout 2021. This figure rose 20.23 percent from the previous year's realization of net profit of IDR 924.91 billion.

Meanwhile, AKRA's revenue during 2021 grew 45 percent on an annual basis or year-on-year (yoy) reaching IDR 25.70 trillion. This solid revenue was supported by growth in trading volume and distribution in line with the increase in the selling price of fuel and basic chemicals distributed.

AKRA resulted in strong growth in basic chemical products and fuels. Demand for basic chemicals recorded growth in the smelter, rayon industry, and other sectors. Oil supply to the mining, plantation, and other sectors increased over the past year.

Revenue from the fuel and basic chemicals segment reached IDR 23.71 trillion, up 46.20 percent from revenue in 2020 which was only IDR 16.21 trillion.

The largest integrated industrial and port area in Indonesia, namely the Java Integrated Industrial and Port Estate or JIIPE, also contributed to AKRA's profit growth during 2021.

JIIPE's revenue grew 68 percent on an annual basis to IDR 535 billion, driven by increased land sales and lease agreements from the Freeport smelter project. Meanwhile, JIIPE has been designated as a Special Economic Zone (SEZ) and can now offer various attractive fiscal and non-fiscal incentives for investors.

As a result, with the integration of deep seaports and the availability of multi-modal transportation access, JIIPE has become an investment choice for both domestic and foreign investors.

"The year 2021 is also marked by rising oil and chemical prices, ongoing geopolitical conditions have also resulted in very high volatility in energy and chemical prices. AKRA continues to deliver positive performance in the midst of difficult times, this proves the resilience of the model the company's business," said AKR Corporindo's President Director, Haryanto Adikoesoemo in his official statement.

This year, Haryanto is optimistic that AKRA's performance will grow, seeing trade and distribution demand showing strengthening. AKRA sees Indonesia's mining and plantation sectors continue to grow significantly, so the demand for fuel products is expected to increase. Demand for basic chemicals is also expected to show strengthening during this year.

In addition, Haryanto also saw an increase in interest in JIIPE industrial and utility areas.

"Our marketing team is discussing with several companies that are interested in building their factories in JIIPE. In general, we expect to be able to maintain the company's business growth," he concluded.