AKR Corporindo's Revenue Of Conglomerate Soegiarto Adikoesoemo Soared Nearly 100 Percent To IDR 10.13 Trillion In The First Quarter Of 2022

Illustration. (Photo: Doc. AKR Corporindo)

JAKARTA - The company owned by the Soegiarto Adikoesoemo conglomerate, PT AKR Corporindo Tbk (AKRA) managed to score a slick performance in the first quarter of 2022. The revenue and profit of the listed provider of logistics and fuel oil services was able to grow significantly in the first three months of this year.

In AKRA's financial report, quoted Tuesday, April 26, the company experienced a 40 percent increase in net profit year-on-year (YoY) to Rp428 billion in the first three months of 2022. AKRA's net profit in the same period the previous year was Rp305 billion.

The increase in net profit was accompanied by an increase in revenue. In the first quarter of 2022, AKRA's revenue shot up 98 percent to Rp. 10.13 trillion from the previous Rp. 5.11 trillion. This increase was due to an increase in the price of fuel and basic chemicals as well as an increase in sales volume.

AKRA's performance in the first three months of 2022 was driven by the trade and distribution segment which reported revenue growth of 113 percent, from Rp4.40 trillion to Rp9.6 trillion. In detail, sales of fuel rose 120 percent to Rp7.53 trillion and sales of basic chemicals rose 112 percent YoY to Rp2.07 trillion.

This increase was due to the growth in demand for energy and raw materials in the mining, manufacturing industry, and other segments along with the increase in goods and commodity prices.

Haryanto Adikoesoemo, President Director of AKRA appreciates AKRA's strong performance despite market conditions full of uncertainty due to recent geopolitical conditions and significant turmoil in energy and commodity markets.

Extensive logistics and supply chain infrastructure and effective risk management enable AKRA to supply products to consumers according to consumer needs.

AKRA's prospect is also supported by the Java Integrated Industrial and Ports Estate (JIIPE) industrial estate. Considering, more than 21 percent of AKRA's assets are JIIPE integrated industrial estates that have obtained the status of a Special Economic Zone (SEZ) in 2021.

With the restoration of conditions and the availability of facilities at JIIPE, AKRA is confident enough to be able to book sales contracts with various investors. Negotiations with potential investors are ongoing and AKRA targets to book significant land sales this year.