JAKARTA – Net profit of PT Adhi Karya (Persero) Tbk (ADHI) reportedly increased 163% year-on-year (yoy) to IDR 214 billion in 2023 from the net profit in 2022 of IDR 81.24 billion. This shift is driven by revenue surge of 48% yoy from 2022.

In the press release quoted Friday (8/3), Farid Budiyanto, Corporate Secretary of ADHI, mentioned that the company collected revenue of IDR 20.1 trillion, up 48% yoy from IDR 13.54 billion in 2022. The main contributor was LRT Jabodetabek projects of 20%, followed by Sigli Banda Aceh Toll Road project of 10%.

Based on business segment, the main component of total revenue was engineering and construction of IDR 16.87 trillion, increasing from IDR 10.81 trillion, followed by property and service that dropped from IDR 842.05 billion to IDR 816.85 billion, manufacturing segment that grew from IDR 775.98 billion to IDR 1.62 trillion, as well as investment and concession that shrank from IDR 1.12 trillion to IDR 749.45 billion.

In addition, gross profit was recorded shifting 29.28% yoy to IDR 2.32 trillion from IDR 1.79 trillion, resulting in gross profit margin of 11.56%, lower than 13.25% seen in 2022. It also reported operating profit of IDR 1.44 trillion, climbing up from IDR 1.06 trillion, bringing the profit before taxes of IDR 316.10 billion, improving a lot from IDR 183.29 billion. (LK/ZH)