Blue Bird’s Board Of Directors Reveal The Reasons For Earning IDR 148 Billion Profit In Semester I 2022

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JAKARTA - The taxi company owned by the Purnomo Prawiro conglomerate, PT Blue Bird Tbk (BIRD) reversed its performance by scoring a net profit in the first half of 2022 of IDR 148 billion, a 593 percent jump compared to the same period last year which lost IDR 30 billion due to the pressure of the COVID-19 pandemic.

The company's success in posting this profit cannot be separated from BIRD's revenue which grew 48 percent from IDR 1.04 trillion to IDR 1.55 trillion. This growth is almost equal to the company's revenue before the COVID-19 pandemic.

Blue Bird President Director Sigit Djokosoetono said that the company's positive financial performance is not an easy thing to achieve. The Company faces various challenges due to the implementation of policies to limit community mobility in a number of areas.

"With the company's continuous positive performance trend, we are grateful to be able to become an increasingly adaptive and resilient company in the midst of the challenges of the pandemic, by recording positive growth in a row over the last three quarters," said Sigit in a written statement, quoted Friday, August 5.

In addition to posting profits and increasing revenues, Sigit continued, the bright performance of the BIRD stock coded transportation issuer in the first semester of 2022 was also reflected in the gross profit margin which rose to 20 percent. Likewise, operating profit soared by 386 percent compared to the same period the previous year.

The same thing can be seen from the company's EBITDA or income before interest, taxes, depreciation and amortization which in the first semester of 2022 recorded an increase of 102 percent to IDR 383 billion. This achievement is in line with the company's efforts to maintain a healthy cash position and a strong balance sheet.

As a result, in the first half of 2022, Blue Bird's regular taxi service dominated the company's revenue and grew by 45 percent from the same period the previous year.

As for meeting market demand for taxi services, especially in the second quarter of 2022, the company is also rejuvenating its operating fleet. While waiting for the arrival of a new fleet, the company continues to balance the availability and demand for used cars.

Along with the decline in sales of used car units, there was an increase in capital gains per car, so the company was able to record an increase in sales of Rp. 25.8 billion in the first half of 2022.

Seeing the company's performance throughout the first semester of 2022, Sigit said he was optimistic about the company's future and was committed to continuing to oversee the company's business growth. This is done to ensure that the investment climate for the transportation industry is heading towards a more positive direction.