JAKARTA – PT Cardig Aero Services Tbk (CASS), a holding company of airport handling services, reported double-digit growth in revenue to IDR 1.3 trillion in H1 2024. This surge boosted its net profit up by nearly 100% to IDR 347.2 billion.

Based on the Financial Report of H1 2024 quoted today (16/8), CASS reported an increase in revenue from users’ contracts by up to 29,4% year-on-year (yoy) to IDR 1.3 trillion from IDR 1 trillion recorded in H1 2023.

This revenue increase was supported by all business lines, whilst still dominated by warehouse and ground handling services with total value of IDR 1 trillion in H1 2024, up from IDR 789.1 billion in H1 2023.

Several expenses were indeed seen swelling, such as cost of revenue (+19.13%), finance cost (+16.66%), and other operating expenses (+259.8%). But they were quite proportional to its revenue upturn.

In addition, other operating income also contributed to significant shift in its net profit with nearly fivefold increase from IDR 56.6 billion to IDR 254 billion in H1 2024.

Thanks to positive shift in revenue, as well as costs and expenses under control, CASS’s net profit at the end of June 2024 soared 98.35% yoy to IDR 347.2 billion, or nearly double the amount it recorded in H1 2023. (ZH)