JAKARTA – Throughout 2023, the profit of PT Arkora Hydro Tbk (ARKO) declined 25.79% year-on-year (yoy) to IDR 39.10 billion from IDR 52.66 billion in 2022, the year in which ARKO debuted in the board. The profit decline resulted from the slowing down of the revenue.

In the 2023 Financial Report quoted Friday (8/3), ARKO’s revenue reportedly reached IDR 178.79 billion, down 27.87% yoy from IDR 247.88 billion in 2022. The gross profit also decreased 41.81% yoy to IDR 73.96 billion from IDR 127.11 billion seen in 2022.

Construction service brought in revenue of IDR 123.03 billion, down from IDR 179.95 billion, followed by electricity sales of IDR 45.13 billion, also down from IDR 59.07 billion, as well as other services of IDR 10.61 billion, increasing from IDR 8.88 billion.

When ARKO debuted on the stock exchange on July 8, 2022, the issuer offered its shares for IDR 300 each. Yesterday (7/3), it was closed at IDR 1,170 per share. (LK/ZH)