JAKARTA – PT Astra International Tbk (ASII) or Astra Group finally recorded relatively stable profit trend in September (9M) 2024 compared to 9M 2023. It is considered an achievement following year-on-year (yoy) net profit slippages in March and June 2024.

As of March 2024, ASII’s net profit was contracted by up to 14% yoy to IDR 7.5 trillion. Meanwhile, as of June 2024, its performance failed to improve, and instead dropped 9% yoy to IDR 15.85 trillion.

However, in 9M 2024, its net profit slightly improved, thanks to 2% yoy increase in revenue, from IDR 240.91 trillion in 9M 2023 to IDR 246.33 trillion as of September 2024.

As informed by IDNFinancials, Astra’s car sales were contracted in 9M 2024, thus dragging the net profit contribution of automotive segment by 7% yoy to IDR 8.5 trillion at the end of September 2024.

“Although the car market is still relatively weak, we project that the group could maintain solid performance until the end of this year,” said Djony Bunarto Tjondro, President Director of Astra, in the press release quoted today (1/11).

In the meantime, heavy equipment and mining segment’s contribution slightly increased by 1% yoy to IDR 9.57 trillion, in line with the profit of PT United Tractors Tbk (UNTR) that grew 2% yoy. The rest of the increase was driven by mining contractor and gold mining business lines.

Astra’s agribusiness segment, handled by PT Astra Agro Lestari Tbk (AALI), was also seen stagnant. The most rapid growth was detected in financial services segment (6%), infrastructure and logistics (27%), information technology (21%) and property (42%).

“Group’s performance within the first nine months (9M) of 2024 demonstrated the resilience of our well-diversified business portfolio,” said Tjondro.

Thanks to 2% yoy revenue increase, as well as improved performance in Q3 2024, ASII’s net profit attributable to the parent entity also increased 1% yoy to IDR 25.85 trillion until the end of September 2024, relatively stable compared to IDR 25.69 trillion as of September 2023. (ZH)