Kobexindo Earns USD 4.5 Million Profit In Semester I 2022

Photo: Doc. Kobexindo

JAKARTA - PT Kobexindo Tractors Tbk (KOBX), an integrated heavy equipment provider, again posted positive growth in the first semester of 2022. Comprehensive net profit attributable to owners of the parent entity grew significantly 61.5 percent to US$4.5 million compared to the same period. in 2021 2.79 million US dollars.

Andry B. Limawan, President Director of PT Kobexindo Tractors Tbk said, solid bottom line performance cannot be separated from solid sales of heavy equipment units. Where the price of coal and the level of demand at the current level encourage mine owners to increase their production so that it has a positive impact on demand for heavy equipment units.

"During the first six months of 2022, the company posted revenue of US$81.09 million. This figure is equivalent to a growth of 43.77 percent compared to the same period in 2021, which is US$56.40 million," Andry said in a written statement, Monday August 1st.

The consolidated revenue comes from the four KOBX business segments, namely Sales of Heavy Equipment Units, Sales of Spare Parts, Mining Contractors and Repair Services, Rentals (Heavy Equipment Rental and Building Rentals). The four segments posted solid double digit growth this semester.

The Heavy Equipment Unit Sales Segment is the highest contributor to KOBX's consolidated revenue. In this semester, it posted a contribution of 78.79 percent to total revenue. During the first six months of 2022, sales of Heavy Equipment Units reached US$63.88 million, equivalent to a growth of 47.41 percent year on year.

The Spare Parts Sales segment is the second largest contributor after the Heavy Equipment Unit Sales segment. This segment posted revenue of 9.47 million US dollars, growing 30.35 percent year on year. With this achievement, this segment contributed 11.68 percent to the company's consolidated revenue during the first six months of 2022.

The third largest contributor to consolidated revenue is the Mining Contracting and Repair Services Segment. This segment contributed 5.65 percent to consolidated revenue by posting revenue of 4.58 million US dollars, grew 47.57 percent compared to last year's 3.10 million US dollars.

"This growth cannot be separated from the contribution of Mining Contracting Services, which was just established in 2021," said Andry.

Lastly, the Rental Segment which consists of Heavy Equipment Rental and Building Rental. This segment posted revenue of 3.15 million US dollars, equivalent to a 3.89 percent contribution to consolidated revenue in the first half of 2022. The rental segment in the first six months of 2022 grew 17.09 percent.

Andry added that management is optimistic that this positive performance will continue until the end of the year. KOBX will continue to monitor the performance and demand for heavy equipment until the third quarter of 2022 before deciding to revise up its revenue target. This was due to the volatility of commodity prices and the limited supply and logistics of heavy equipment that occurred globally.

"The growth of the heavy equipment industry cannot be separated from the role of banks and other financial institutions. Their support in distributing heavy equipment loans is one of the factors for the accelerated growth of heavy equipment, especially in Indonesia," said Andry.