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AKRA Posted 19% Increase in Net Profit & Strengthened its Financial Position

19 March 2018

FY17 Financial Highlights:

  • Revenue increased by 20% to Rp 18,288 bn  in FY17 from Rp 15,213 bn in FY16.
  • Net profit increased by 19% to Rp 1,202 bn in FY17 from Rp 1,011 bn in FY16.
  • Basic chemicals business delivered strong performance with revenue rose by 36% y/y to Rp 4,545 bn, supported by a 12.6% y/y increase in volume to 1,418 kMT in FY17 from 1,259 kMT in FY16.
  • Our industrial estate, JIIPE, showed robust development with sales rose more than double to Rp 582 bn from Rp 271 bn in FY16.
  • We have distributed interim dividend of Rp 100 per share for FY17 and paid on 15 August 2017.
  • We strengthened our balance sheet with strong cash position and net gearing as of Dec 2017 stood at Rp 1,771 bn and 0.16x, respectively. Pefindo has recently raised our debt outlook to “Positive” from previously “Stable”, while maintained our rating at “idAA-“.

President Director of AKRA, Mr. Haryanto Adikoesoemo, stated;

"In 2017, AKRA continued to strengthen its businesses to grow further in the future. AKRA revenue grew by 20% y/y, supported by improvements in mining industry condition, changes in consumer preferences in the retail fuel segment, and increasing demand for basic chemicals in Indonesia. AKRA underwent a change in its asset and investment portfolio during 2017 to gain strong capital structure. Beside the signing of a sale agreement to divest ownership in Guigang Port during 3Q17, auction of lands belonged to Khalista, AKRA’s unit of sorbitol manufacturing in China, has been successfully held in February 2018. The results of Guigang Port divestment and cash flow from operation, have increased the cash position of AKR as of December 31, 2017. AKR has also successfully implemented several strategic initiatives which had been prepared since the previous year, including JV partnership with BP on retail fuel and aviation. By these initiatives, AKRA plans to focus on the development of main business in domestic market. JIIPE also has showed a significant development during in 2017 and increased its contribution to  AKRA consolidated revenue”.

 

Please download the following document for details