JAKARTA - PT Krakatau Steel (Persero) Tbk (KRAS) showed declining performance throughout 2023 compared to 2022. Its revenue dropped 35.07% year-on-year (yoy) and lost USD 130.21 million from the profit of USD 19.47 million recorded in 2022.

Based on Financial Report 2023 quoted today (4/6), its revenue declined to USD 1.45 billion from USD 2.23 billion. Its gross profit also dropped 80.35% yoy to USD 112.90 million from USD 202.46 million, followed by operating loss of USD 8.04 million from the previous operating profit of USD 34.30 million seen in 2022.

The revenue decline resulted from decreased sales of stell products, both in domestic and cross-border markets. On the other hand, the decline of non-steel products’ sales was not very significant.

Steel products’ sales in the domestic market reached USD 1.19 billion, down from USD 1.72 billion, while export sales plummeted to USD 54.38 million from USD 307.54 million.

Meanwhile, infrastructure sales rose to USD 182.79 million from USD 170.95 million, followed by engineering and construction that dropped to USD 7.07 million from USD 15.93 million, goods’ delivery service that decreased to USD 5.95 million from USD 21.25 million, and other services that brought in USD 8.70 million, higher than USD 1.72 million in 2022.

In terms of users, third parties brought in revenue of USD 1.21 billion, down from USD 1.99 billion, followed by related parties that slipped from USD 136.90 million to USD 122.47 million, while government-related entities only scored USD 79.70 million of sales, down from USD 102.73 million. (LK/ZH)