JAKARTA - The performance of PT Adhi Karya (Persero) Tbk (ADHI) has strengthened within the past two quarters. Despite the weakening revenue in Q1 2023, its profit skyrocketed 71.61% year-on-year (yoy).

According to the Q1 2023 Financial Report compiled by IDNFinancials today (4/5), ADHI's revenue was recorded at IDR 2.66 trillion in Q1 2023, sliding off from IDR 3.78 trillion in the same period last year. However, the gross profit grew 1.2% yoy from IDR 329.45 billion to IDR 333.41 billion, thanks to efficiency in cost of revenue.

The contribution of the engineering and construction segment reached IDR 2.08 trillion, corrected from IDR 3.24 trillion, while the property and services generated IDR 180.20 billion, also lowered from IDR 235.52 billion. The manufacturing segment increased from IDR 155.11 billion to IDR 191.18 billion, while concession investment grew from IDR 150.01 billion from IDR 213.20 billion.

Operating profit was at IDR 171.20 billion, declining from IDR 175.33 billion, but the profit before taxes almost doubled from IDR 17.16 billion to IDR 31.39 billion following zero loss in associated entity. Therefore, the current year's profit shifted up from IDR 17.20 billion to IDR 29.51 billion.

In Q1 2021, ADHI collected revenue of IDR 2.11 trillion, gross profit of IDR 325.51 billion, operating profit of IDR 175.84 billion, profit before taxes of IDR 7.03 billion, and current year's net profit of IDR 5.83 billion. (LK/ZH)