JAKARTA – PT Mitra Pinasthika Mustika Tbk (MPMX), a company engaged in used car sales and vehicle rentals, recorded a 10.8% increase in net profit for 2024, reaching IDR 582.49 billion, up from IDR 525.63 billion in the previous year.

Suwito Mawarwati, Group Chief Executive Officer of MPMX, stated that the company successfully recorded growth in performance despite being faced with a global economic slowdown.

“The growth in sales volume was the main factor driving MPMX’s positive performance throughout 2024,” Suwito said in a statement on Wednesday (26/3).

According to the 2024 financial report, MPMX’s revenue stood at IDR 15.77 trillion, an increase of approximately 13.8% from IDR 13.86 trillion in the previous year.

In the two-wheeler distribution and retail segment, MPMX posted revenue growth of 14.3% to IDR 14.5 trillion in 2024 through its subsidiary, MPMulia.

Meanwhile, retail business through MPMotor successfully sold 203,000 units, a 16.6% increase from the previous year, driven by rising demand. Retail revenue from the sale of spare parts and repair services also rose by 10.9%.

On the other hand, used car sales through AUKSI increased by 4.1% to 3,688 units, largely contributed by commercial vehicles.

According to Suwito, the used car business is currently facing challenges due to the abundance of stock. Going forward, he added, the company aims to increase passenger car contributions by maximising its auction location network. (DH/ZH)