JAKARTA – Although its revenue slipped 0.8% year-on-year (yoy) in H1 2024, PT Adi Sarana Armada Tbk (ASSA) booked impressive surge in its net profit, nearly fourfold the number recorded in the same period last year.

Based on Financial Report of H1 2024 quoted today (30/7), it could be seen that efficiency in expenses managed to boost its gross profit.

According to the official release of the company, ASSA managed to lower cost of revenue by 7.08% yoy to IDR 1.69 trillion, as well as its general and administrative expenses by 8.40% yoy to IDR 350.55 billion, and interest expenses by 4.90% to IDR 144.14 billion.

With this efficiency, its gross profit increased 19% yoy to IDR 676.67 billion, although its revenue was relatively stagnant.

Some of ASSA’s business units also reported improvement in their contribution towards operating profit, for example, used vehicle sales that went up 26.77% yoy to IDR 80.42 billion, and auction business unit, through PT JBA Indonesia, that skyrocketed 99% yoy to IDR 46.57 billion.

With operating profit that increased 65% yoy, ASSA’s current year’s net profit then arrived at IDR 152.8 billion, up nearly 300% yoy or 4 times IDR 39.2 billion seen in the first half of 2023.

“Looking at the progress of three of its business pillars, including corporate vehicle rent, logistics, and used vehicle sales that went according to expectation, we aim to score revenue growth of 5-10% with net profit that grew double-digit in 2024,” said Prodjo Sunarjanto, President Director of ASSA, in the official statement. (ZH)