Kobexindo's Revenue Reaches 168.52 Million US Dollars In 2022

Photo: Doc. Kobexindo

JAKARTA PT Kobexindo Tractors Tbk (KOBX) managed to record revenue growth of US$168.52 million throughout 2022. This figure grew convincingly 41.23 percent year on year, where last year it was recorded at 119.32 million US dollars.

The positive income performance cannot be separated from the condition of commodity market volatility, both mining and plantation. Geopolitical issues and exchange rates have a major impact on global economic growth.

KOBEX is a well-known heavy equipment distributor, including Doosan, TEREX, Mercedes Benz, Jungheinrich, Hako, and Dynapac. In addition to selling heavy equipment units, the Company also has a business segment for the sale of spare parts, repair services, as well as mining and rental contractors (heavy equipment and buildings).

KOBEX's business segments showed positive performance throughout 2022. The sales segment of heavy equipment units recorded a growth of 43.50 percent to 129.13 million US dollars compared to the same period last year of 89.99 million US dollars. This segment posted a 76.63% contribution to the Company's consolidated revenue.

The second-largest contribution was contributed by the spare parts sales segment which posted revenues of 19.28 million US dollars, growing 19.82 percent compared to the 2021 achievement of 16.09 million US dollars.

Other segments also posted positive performance. The repair service segment and mining contractor posted revenue growth of 75.41 percent to 13.51 million US dollars compared to last year's 7.7 million US dollars.

Meanwhile, the rental segment (heavy equipment and buildings) grew 19.15 percent to 6.60 million US dollars compared to the same period in 2021 of 5.54 million US dollars.

In a row, the two segments contributed 8.02 percent and 3.92 percent to the Company's consolidated revenue.

The increase in revenue throughout 2022 was also accompanied by an increase in the cost of revenue. Where throughout 2022, it was recorded that 137.97 million US dollars grew 42.32 percent compared to the same period in 2021 of 96.94 million US dollars. Thus, gross profit grew 36.5 percent.

Operating profit was recorded at 5.60 million US dollars, correcting from the previous position of 16.41 million US dollars. This is due to an exchange rate loss of 5.86 million US dollars in 2022 compared to an exchange rate profit of 176,000 US dollars in 2021. Most of the 2022 exchange losses are unrealized losses.

The correction to operating profit is also because in 2021, the Company will change the method of recording investment property accounts based on market value so that there will be a profit of 7.20 million US dollars, compared to the loss of investment property value in 2022 worth 220 thousand US dollars.

Profit before income tax and net profit were still in good territory despite the above correction. Profit before tax in 2022 amounted to 5.14 million US dollars compared to last year's 13.78 million US dollars and 2022 net profit of 4.20 million US dollars compared to last year's achievement of 13.55 million.

Martio as Vice President Director explained that the performance of net profit in 2022 was the impact of the bookkeeping treatment for the change in the investment property account calculation method (the company's assets in the form of rented buildings) and foreign exchange gains (loss).

If the net profit calculation rules out foreign exchange gain (loss) and calculation of investment property accounts as described above, then the 2022 net profit could reach 10.28 million US dollars compared to last year's 6.17 million US dollars or equivalent to net profit growth of 66.7 percent.