JAKARTA - PT Adira Dinamika Multi Finance Tbk (ADMF) saw 3% year-on-year (yoy) growth in its new financing to IDR 10.9 trillion in the first quarter (Q1) of 2024, a moderate growth due to stagnant automotive industry.

"Throughout the first quarter of 2024, the automotive industry faced various challenges, marked by a 15% (y/y) decline in retail sales of new cars to 231 thousand units," said the management of Adira Finance in the press release. Motorcycle sales also reportedly stagnated at 1.5 million units.

With this decline in vehicle sales, Adira Finance expands its scope to non-automotive financing, including multipurpose loan, as well as durable and heavy equipment financing. Thankfully, as of March 2024, its non-automotive financing segment shifted 18% yoy higher to IDR 2.3 trillion.

Furthermore, it is worth mentioning that sharia financing of ADMF reported rapid growth in Q1 2024, up by 10% yoy to IDR 2.4 trillion, or equal to 22% of total new financing, thanks to optimisation of Adira Finance's sharia products.

According to IDNFinancials record, ADMF's stable financing performance managed to bring in increased revenue of 11% yoy to IDR 2.4 trillion in Q1 2024 from IDR 2.2 trillion in Q1 2023. Its net profit also reported a slight climb by 4% yoy to IDR 432 billion in Q1 2024.

ADMF is known to have operated 472 branches, including sharia business units, across Indonesia as of March 31, 2024, whilst maintaining online platforms, such as Adiraku, momobil.id momotor.id, and dicicilaja.com. (ZH)