JAKARTA. PT Adi Sarana Armada Tbk (ASSA), a logistics company, scored net profit of IDR 71 billion in the first quarter (Q1) of 2024, up 37% year-on-year (yoy) or from the same period last year.

This growth is supported by the integration of three business lines of ASSA, which consist of transportation, end-to-end logistics service, and used vehicle ecosystem. This integration further fuelled the company’s revenue growth by 3.1% yoy to IDR 1.2 trillion in Q1 2024.

“The first quarter of 2024 performance reflects our commitment to pursuing a sustainable and profitable business through every business pillar,” added Prodjo Sunarjanto, President Director of ASSA, in his official statement.

In addition, ASSA also implemented efficiency strategies on its operational activities throughout Q1 2024, as indicated through decreased cost of revenue to IDR 842.4 billion, down 0.7% yoy from IDR 848.7 billion.

One of the most prominent achievements of ASSA in Q1 2024 is the operating profit of its logistics business, AnterAja. This business line generated operating profit of IDR 25.4 billion in Q1 2024, turning the tide from the loss of IDR 34.7 billion seen in Q1 2023.

With such positive growth in Q1 2024 business, ASSA is committed to prepare capital expenditure budget of IDR 1.3-1.5 trillion this year. This capital expenditure budget will then be used for upgrading its fleet. (KR/ZH)