AKR audited net profit surge 28% to Rp 1,034b
Monday, March 14 2016 - 12:12 PM WIB
IDX-listed PT AKR Corporindo Tbk, Indonesia?s leading provider of logistic services and supply chain solutions for bulk chemicals and energy distribution reported its audited financial statements for the year ended 2015 with net profit after tax of Rp 1,034 billion, up 28 percent from Rp 810 billion during the year 2014.
In terms of margins, the company reported significant improvements across all business segments with gross margin of 11,21 percent, operating margin of 6.83 percent and net margin of 5,23 percent in 2015, the firm said in a statement filed with the Indonesian Stock Exchange.
The financial statements audited by Purwantono Sungkoro & Surja (member firm of Ernst & Young) received an unqualified opinion. The company?s consolidated gross revenues has reported a decline in overall revenues from Rp 22,468 billion in 2014 to Rp 19,765 billion in 2015 attributed to low oil prices.
The strong profits AKR reported during 2015 year demonstrates the company?s ability to maintain its growth momentum despite the significant decline in petroleum prices and slowing demand from industries in Indonesia due to the company?s ability to deliver effective supply chain solutions while maintaining a strong focus on risk management and cost control.
In line with profit growth, earning per share (EPS) attributable to equity holders of the parent entity grew to Rp 262.74 per share in 2015 from Rp 207.79 per share in 2014.
Commenting on the full year financial results, President Director Haryanto Adikoesoemo said ?Continuing from last year?s strong performance, it?s my privilege to announce that this year AKR continues to produce solid financial results evidenced by 28 percent growth in net income year-on-year. Our strategy to maximize profits while maintaining margins through strong cost controls have enabled us to meet our earnings target?.
?Utilizing our extensive infrastructure network and capitalizing upon the opportunity presented in this low oil price environment, we will continue to expand our distribution of petroleum and raw materials. One of the key initiatives we have embarked this year is the introduction of RON92 product which we will distribute through our existing and new retail outlets?said Haryanto.
Haryanto also said ?In terms of the development progress in JIIPE Integrated Industrial and Port Estate in Gresik, significant progress has been achieved in development of infrastructure and preparation of the industrial plots. Construction of industrial plants at the site has commenced and the port operations in first stage of 85ha and 500 meters jetty has commenced since January 2016. We are now finalizing the first power plants and other utilities which will enable us to offer integrated industrial estate with low cost logistics and energy solutions to our industrial estate tenants?.
Outlook for 2016
With Indonesia?s GDP expected to record an increased growth from 4.9 percent in 2015 to 5.4 percent in 2016 according to the estimate made by Asian Development Bank as well as the improvement in investment climate we are confident that demand for basic raw materials, petroleum products and industrial estates will increase during the year 2016. Deregulation in downstream petroleum segment, including increase in demand for unsubsidized fuels in industrial and retail segments will enable AKR to increase its volumes and maintain growth in its earnings.
Editing by Johannes Simbolon