Ace Hardware Owned By Conglomerate Kuncoro Wibowo Reaches Sales Of IDR 6.54 Trillion And Profit Of IDR 704.38 Billion In 2021

Ace Hardware outlets. (Photo: Doc. Ace Hardware Indonesia)

JAKARTA - The retail company belonging to the conglomerate Kuncoro Wibowo, PT Ace Hardware Indonesia Tbk recorded a decline in net profit throughout 2021. Sales of the issuer coded ACES also fell in 2021 compared to 2020.

In ACES' financial report, quoted Thursday, March 31, the company's net profit fell 3.93 percent from IDR 733.19 billion in 2020 to IDR 704.38 billion in 2021. The decline in ACES' net profit could not be separated from the double-digit decline in sales.

ACES net sales recorded a correction of 11.72 percent from IDR 7.41 trillion to IDR 6.54 trillion. The decline in sales was also followed by a decrease in cost of goods sold by 11.26 percent to IDR 3.33 trillion, from IDR 3.75 percent in 2020.

Gross profit decreased by 12.20 percent from IDR 3.3.65 trillion to IDR 3.21 trillion. Meanwhile, operating profit fell 6.47 percent from IDR 989.51 billion in 2020 to IDR 925.49 billion.

Meanwhile, the total assets of ACES reached IDR 7.18 trillion as of December 31, 2021, down from IDR 7.24 trillion at the end of 2020. Total current assets increased from IDR 5.03 trillion to IDR 5.19 trillion, while non-current assets fell from IDR 2.21 trillion to IDR 1.99 trillion.

Ace Hardware's liability position in 2021 decreased to IDR 1.67 trillion in 2021, from IDR 2.02 trillion in 2020. Short-term liabilities decreased from IDR 844.92 billion in 2020 to IDR 722.53 billion in 2021 and long-term liabilities decreased from IDR 1.18. trillion to IDR 954.52 billion.

ACES's equity rose to IDR 5.51 trillion from IDR 5.22 trillion in the previous year. Meanwhile, the position of cash and cash equivalents at the end of the period rose to IDR 2.54 trillion in 2021 compared to IDR 2.21 trillion in 2020.