Profit Of IDR 131.28 Billion In Nine Months, Adi Sarana Milik Konglomerat TP Rachmat Ready To Continue Expansion

Photo: Doc. Adi Sarana Armada

JAKARTA - PT Adi Sarana Armada Tbk (ASSA) posted a net profit of IDR 131.28 billion in nine months this year. This number increased 63.65 percent from IDR 80.22 billion in the same period the previous year.

The company owned by conglomerate Theodore Permadi Rachmat has three business pillars. These include the mobility business (rental vehicle, driver service, Logistics car sharing), vehicle buying and selling business (Lelang-JBA and Online-to-Offline used car dealers-Cmen), and end-to-end logistics (logistics and courier express Anteraja), the Company recorded revenues of IDR 4.63 trillion, up 33 percent from IDR 3.48 trillion in the same period in 2021.

"In the first nine months of 2022 which was full of challenges related to the price increase of several commodities, especially fuel prices, and the high inflation rate, overall the Company managed to record quite a good performance with an increase in income of 33 percent and maintained business sustainability," said ASSA President Director Prodjo Sunarjanto in his statement, Tuesday, November 1.

Therefore, Prodjo is optimistic that his party is on the right track and will continue with the expansion plans. "It's just that, we will increase caution because it is currently still in the consolidation period," said Prodjo.

In line with this consolidation period, the Company sees that 2023 will be full of challenges and this is starting to be reflected in the increase in the cost of revenue in the third quarter of 2022 by 35 percent yoy, to IDR 3.77 trillion, and general and administrative expenses which rose 45 percent yoy to IDR 602.41 billion.

The increase in the cost burden had been anticipated previously, because it came from the need for funds for strategies and business consolidation in the mobility and logistics business.

As for September 30, 2022, ASSA's total current assets were recorded at IDR 1.87 trillion, an increase of 76 percent compared to the position on December 31, 2021, which amounted to IDR 1.06 trillion.