JAKARTA – PT Adiwarna Anugerah Abadi Tbk (NAIK), a fire protection solutions issuer, recorded a significant net profit increase of 134% year-on-year (yoy) to IDR 30.9 billion in 2024.

NAIK posted a revenue increase of 66% yoy to IDR 207.17 billion by the end of December 2024. Correspondingly, the cost of revenue also rose by 69% yoy to IDR 146 billion.

After deducting expenses, gross profit for 2024 rose by 60% yoy to IDR 61.16 billion. Additionally, NAIK's operating profit increased by 86% yoy to IDR 41.65 billion, up from IDR 22.4 billion.

In terms of financial position, total assets grew by 26.41% yoy to IDR 239.96 billion at the end of 2024.

NAIK was officially listed on the Indonesia Stock Exchange (IDX) on 13 November 2024, conducting an initial public offering (IPO) of 3.25 billion shares at IDR 107 per share to the public. With this amount, NAIK’s market capitalisation at the IPO reached IDR 347.75 billion.

Since its listing, NAIK's share price has surged by 418.7% from its IPO price, closing at IDR 555 per share at the end of the second session today (10/3). However, in today’s trading, NAIK’s share price corrected by 16.54%. (EF/ZH)