JAKARTA. PT VKTR Teknologi Mobilitas Tbk (VKTR), Bakrie Group's electric vehicle (EV) trading and manufacturing company, reported net profit of IDR 5.43 billion throughout 2023.

VKTR's net profit in 2023 was much lower than the previous year's achievement, in which the company managed to score net profit of IDR 52.69 billion in 2022. This net profit decline, reaching 89% year-on-year (yoy), resulted from swollen operational expenses.

From the top line, it was seen that VKTR's sales arrived at IDR 1.06 trillion in 2023. The sales were corrected 0.9% yoy from IDR 1.07 trillion seen in 2022.

The operational expenses surge in 2023 was evident in several post, such as operating expenses that soared 43% yoy to IDR 162.09 billion. Then, the financial expenses shifted 42% yoy to IDR 12.37 billion, while other expenses swelled 163% yoy to IDR 9.05 billion, and the income tax expenses moved up 66.7% yoy to IDR 12.7 billion.

VKTR's net profit decline in 2023 forced its earning per share (EPS) down to IDR 0.05. Previously, in 2022, its EPS was still at IDR 2.19.

As of December 2023, 45.55% of VKTR's shares are under th control of Bakrie Group through PT Bakrie & Brothers Tbk (BNBR). Then, another 22.05% belong to PT Bakrie Metal Industries, followed by 11.06% owned by PT Kuantum Akselerasi Indonesia, and the remaining 21.34% shared among retail investors. (KR/ZH)