JAKARTA. PT Astra Otoparts Tbk (AUTO) booked net profit of IDR 1.84 trillion in 2023, up 38.9% year-on-year (yoy).

In 2023, car sales in the domestic market actually slipped 4.04% yoy to 1,048,040 units, according to The Association of Indonesia Automotive Industries (Gaikindo). This slippage is believed to be the aftermath of increased bank’s interest rate and economic stagnation

AUTO’s net profit growth in 2023 was supported by its revenue that reached IDR 18.65 trillion. The revenue of this automotive spare part manufacturer crawled up 0.38% yoy to IDR 18.65 trillion in 2023.

In addition, AUTO also carried out efficiency strategies by reducing cost of revenue by 2.01% yoy to IDR 15.57 trillion. Furthermore, financial and other income also showed improvement, of 81.14% and 57.8% yoy, to IDR 155.28 billion and IDR 131.66 billion.

Similar to previous years, AUTO still relied on its domestic sales in 2023. Domestic sales were reported at IDR 10.35 trillion, covering 87.3% of total sales. Meanwhile, the remaining sales, IDR 1.5 trillion, came from exports. (KR/ZH)