JAKARTA - PT Adi Sarana Armada Tbk (ASSA), a transportation solutions provider, recorded net profit growth of up to 425% year-on-year (yoy) despite the sluggish AnterAja delivery service business.

Based on a press release quoted today (1/4), ASSA's performance was supported by three other business pillars, namely corporate rental, end-to-end logistics, and used car trading platform under its subsidiary, PT Autopedia Sukses Lestari, Tbk (ASLC).

Based on the 2023 Financial Report, ASSA's revenue fell by 24% yoy to IDR 4.4 trillion. In 2022, ASSA managed to record revenue of up to IDR 5.9 trillion. Fortunately, the cost of revenue also fell 31% yoy to IDR 3.3 trillion.

Compared to delivery services, which only recorded revenue of IDR 1.4 trillion from IDR 3.15 trillion in 2022, ASSA seems to be focusing on increasing corporate rental. This business line, which includes vehicle rental, autopool, and helmsman rental, recorded a 7% yoy increase in revenue to IDR 1.8 trillion.

However, the increase in revenue in almost all of the company's business lines cannot withstand the decline in ASSA's revenue in 2023. Fortunately, the efficiency of selling expenses and general and administrative expenses then also helped support the company's operating profit.

In the end, ASSA posted a 425% yoy increase in annual net profit to Rp19.4 billion at the end of 2023, from IDR 3.7 billion recorded in 2022.

"We have managed to book a much better profitability in 2023 with a focus on development in the mid-mile business, efficiency in Anteraja's last mile, to be followed by growth from each of our other business pillars, ranging from vehicle rental to used vehicle sales," concluded ASSA President Director, Prodjo Sunarjanto. (ZH/LM)