JAKARTA – PT Adira Dinamika Multi Finance Tbk (ADMF) recorded a decline in new financing of up to 9% year-on-year (yoy) at the end of September (9M) 2024, following the trend of weakening car sales.

Based on the Q3 2024 Financial Report quoted today (1/11), ADMF recorded new financing of IDR 27.8 trillion, down 9% yoy from IDR 30.5 trillion recorded at the end of September 2023.

"This is due to the decline in the automotive segment in line with the condition of the automotive industry which is currently sluggish," admitted management in an official statement quoted today (1/11).

"Meanwhile, financing receivables managed by the Company (including joint financing) grew by 7% yoy to IDR 56.6 trillion," said Dewa Made Susila, President Director of Adira Finance. It was also stated that ADMF joint financing reached 48% of the total receivables managed until September 2024.

Fortunately, ADMF's revenue was recorded as still able to increase 8.89% yoy to IDR 7.5 trillion at the end of September 2024 from IDR 6.9 trillion in the same period last year.

However, several expense items appear to have swelled, especially the allowance for impairment losses, causing total expenses to increase by 17.71% yoy to IDR 6.1 trillion as of September 2024.

This then affected net profit, which was seen shrinking 17% yoy at the end of the third quarter to IDR 1.1 trillion from IDR 1.3 trillion in the same period last year. (ZH/LM)