This Motor Vehicle Filter Company, AEGS Officially Listed On The Exchange

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT Anugerah Shareparts Sejahtera Tbk (AEGS) officially listed its initial public offering (IPO) on the Indonesia Stock Exchange (IDX).

Through the IPO, the motor vehicle filter industry company targets the company's net profit to increase 66 percent year on year (yoy) to IDR 1.37 billion in the 2023 financial year, compared to the previous IDR 825.88 million in the 2022 financial year.

President Director of AEGS Oey Johan Total Sumawi projects that the company's sales will grow 19.48 percent (yoy) to reach Rp33 billion in the 2023 financial year, compared to the previous Rp27.65 billion in the 2022 financial year.

Johan projects that the company's net profit can shoot up 122.63 percent (yoy) to reach IDR 3.05 billion in the upcoming 2024 financial year, compared to the projected net profit of IDR 1.37 billion in the 2023 financial year.

He said that the projected net profit for next year will be supported by sales, which is estimated to grow by 51.52 percent (yoy) to reach IDR 50 billion.

"This year, our EBITDA can reach IDR 4.44 billion, while for the 2024 financial year it is projected to reach IDR 7.13 billion," Johan said quoting Antara.

He is optimistic that the performance projection can be realized according to guidance, because the company currently has a competitive advantage regarding online market control.

We realize that customers are starting to switch from offline store purchases to online stores. Through this distribution route, we can reach the online market share, so we don't lose customers who start switching to online stores," said Johan.

In the IPO, AEGS offers as many as 400 million new shares with a public offering price of Rp100 per share, so that it manages to get fresh funds worth Rp40 billion.

Regarding the use of the IPO proceeds, Johan revealed, worth Rp. 10.31 billion after deducting the cost of emissions will be used to purchase land along with factory buildings, offices and warehouses above it.

Then, worth Rp1.27 billion for the construction of a new building on the land that has been purchased, amounting to Rp3.66 billion for capital expenditures for operational support factories, and the rest for the company's working capital.