JAKARTA – PT Adhi Karya (Persero) Tbk (ADHI) reported a 17.98% year-on-year (yoy) increase in net profit to IDR 252.50 billion in 2024, up from IDR 214.02 billion in the previous year.

According to its latest financial report, despite the rise in net profit, ADHI’s revenue dropped significantly, falling by 33.48% yoy to IDR 13.35 trillion in 2024 from IDR 20.07 trillion in the same period last year.

The majority of ADHI’s revenue came from the engineering and construction segment, which contributed IDR 10.97 trillion to the company’s 2024 revenue. This was followed by the manufacturing segment with IDR 1.52 trillion, the property and services segment with IDR 488.81 billion, and the investment and concession segment with IDR 364.55 billion.

As ADHI’s revenue declined, the cost of revenue also decreased by 34% yoy to IDR 11.72 trillion. As a result, although ADHI’s gross profit fell by 29.91% yoy to IDR 1.62 trillion in 2024, the gross profit margin actually improved, rising from 11.6% to 12.2%.

As of December 31, 2024, ADHI reported total assets of IDR 35.04 trillion, down from IDR 40.49 trillion as of 31 December 2023.

According to research from Ina Sekuritas on February 19, ADHI shares are still considered a good buy among construction sector issuers. As of 11.12 AM WIB today (5/3), ADHI shares rose by 2.81% to IDR 183. However, the stock has declined by 19.74% since the beginning of the year. (DH/ZH)