JAKARTA – PT Green Power Group Tbk (LABA) reported a significant 121.3% year-on-year (yoy) increase in net losses in 2024, despite its revenue soaring by 94.6%.

According to its latest financial report, LABA’s revenue jumped from IDR 11.1 billion in 2023 to IDR 21.6 billion in 2024.

The majority of its revenue came from sales to PT Green City Traffic, an electric vehicle (EV) start-up, which contributed IDR 16.2 billion in 2024.

Although revenue growth was in triple digits, LABA’s cost of goods sold also surged by 113.3% to IDR 19.7 billion, while general and administrative expenses rose 63.3% to IDR 12.4 billion.

As a result, the company’s bottom-line performance was under pressure, with net losses widening by 121.3% to IDR 8.7 billion in 2024.

Notably, LABA underwent a change in controlling shareholder after PT Nev Stored Energy (NSE) acquired a stake in July 2024. This was followed by the company’s rebranding from PT Ladangbaja Murni Tbk to PT Green Power Group Tbk.

As reflected in its new name, the entry of a strategic investor also marked a shift in business focus from steel manufacturing to the electric vehicle battery sector.

Following this investor entry, LABA’s stock price skyrocketed by 276.21% between August 5 and September 5, 2024, reaching its peak at IDR 775 per share.

However, LABA’s share price has since been on a downward trend. Since the beginning of the year, its stock has plunged 62.25%, currently standing at IDR 114 per share. (ZH)