JAKARTA – The revenue of PT Venteny Fortuna International Tbk (VTNY) managed to report 86% year-on-year (yoy) surge, but its profit dropped significantly by up to 60.5% yoy at the end of September (9M) 2024.

According to the press release today (7/11), VTNY’s revenue surge in 9M 2024, from IDR 100 billion to IDR 186 billion, was supported by its B2B financial services and B2B2E VENTENY Employee Super App.

The management of VTNY mentioned that 40% of VTNY’s revenue in 9M 2024 came from its B2B financial services, equal to IDR 74.7 billion. Meanwhile, B2B2E VENTENY Employee Super App generated 32% of revenue or IDR 58.2 billion.

“The remainder, 28% or IDR 52.7 billion, was brought in by other technology development,” added the management in the official disclosure.

It is also mentioned that B2B financial services recorded 26% yoy growth, with credit disbursement of over IDR 1.2 trillion until the end of September 2024.

Positive trend was also detected in its super-app business line, which increased 60% yoy. “This increase was mainly due to the increase of users of the super app, coming from the increase of established companies using our services such as Pertamina, Sompo, Astro, and Waskita Precast,” claimed the management.

However, other income that shrank by up to 83.44% yoy to only IDR 6.2 billion, as well as general and administrative expenses that significantly swelled by 93.87% yoy to IDR 60.7 billion, dragged its net profit down by up to 60.5% yoy.

At the end of September 2024, VTNY only managed to post current year’s net profit of IDR 2.63 billion, much lower than IDR 6.66 billion recorded in 9M 2023.

This year, VTNY is said to focus on expanding its digital infrastructure, company structure, local and regional partnership, as well as its asset base, as a foundation for further business expansion.

“We are committed to strengthen our foundation to maintain this momentum and realise our bigger vision in Indonesia and Southeast Asia,” added Jun Waide, Founder and Group CEO of VTNY. (ZH)