JAKARTA – PT Hero Global Investment Tbk (HGII), a holding company focused on renewable energy, which debuted on the stock exchange in January, recorded a 54.2% year-on-year (yoy) net profit increase in 2024.

According to the 2024 Financial Report, its revenue decreased by 7.6%, from IDR 103.2 billion to IDR 95.3 billion. This decline was mainly due to a significant drop in the construction services segment, which plummeted by 96.8%, contributing only IDR 315.4 million.

Additionally, concession interest income fell by 3.3% to IDR 63.2 billion, while electricity sales surged by 13.7%, contributing IDR 31.8 billion.

On the other hand, cost of goods sold was reduced by 58.2% to IDR 13.4 billion, boosting gross profit by 15.2% to IDR 81.9 billion, with gross profit margins soaring from 68.9% to 85.9%.

This performance drove HGII’s net profit to increase by 54.2% in 2024, rising from IDR 25.9 billion to IDR 38.3 billion.

It is worth noting that HGII debuted on the Indonesia Stock Exchange (IDX) on 9 January 2025, raising IDR 260 billion in fresh capital. In its prospectus, the company promised to allocate up to 30% of its net profit for dividends for the 2024 fiscal year, while considering the company's financial performance and liquidity.

"The dividend payout will depend on the amount of Net Profit from the respective fiscal year," management stated in the prospectus.

HGII’s stock price closed at IDR 165 on Thursday (27/3), falling 17.5% from its initial public offering (IPO) price of IDR 200. (ZH)