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PT Adhi Karya's Profits Increase Despite Revenue Decline in Q1 2023

Adi Ahdiat 10/05/2023 17:00 WIB

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PT Adhi Karya (Persero) Tbk (ADHI) reported a net profit attributable to the parent entity's owners of Rp8.45 billion in the first quarter of 2023.

Adhi Karya's Revenue and Net Profit, Q1 (2022-2023)

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PT Adhi Karya's Profits Increase Despite Revenue Decline in Q1 2023

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Adhi Karya's Revenue and Net Profit, Q1 (2022-2023)

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PT Adhi Karya (Persero) Tbk (ADHI) reported a net profit attributable to the parent entity (unaudited) of Rp8.45 billion in the first quarter of 2023.

This achievement represents an 18.9% year-on-year (yoy) increase compared to the net profit in Q1 2022.

This state-owned construction company (BUMN Karya) achieved a profit increase despite a decrease in revenue.

In Q1 2022, ADHI recorded revenue of Rp3.79 trillion. However, in Q1 2023, this figure decreased to Rp2.67 trillion.

The decrease in ADHI's revenue was accompanied by a decrease in the cost of goods sold.

In the first quarter of this year, ADHI's cost of goods sold was only Rp2.33 trillion, significantly lower than Rp3.46 trillion in Q1 of the previous year.

In Q1 2023, ADHI also recorded no losses from associated entities, unlike the previous year when it incurred losses of Rp1.99 billion.

ADHI's total assets at the end of March 2023 amounted to Rp39.15 trillion, down from Rp39.99 trillion at the end of 2022.

Meanwhile, ADHI's total liabilities decreased from Rp31.16 trillion in December 2022 to Rp30.29 trillion in March 2023.

ADHI's equity also increased from Rp8.82 trillion in December 2022 to Rp8.86 trillion in March 2023.

According to the company's official statement, ADHI has booked new contracts worth Rp8.9 trillion by the end of March 2023.

The largest contribution to new contracts came from the Solo-Yogyakarta-YIA Kulonprogo Toll Road Project Package 1.2A, the Probowangi Toll Road Project Package 1, the Tanjung Enim Mining Road Paving Project, the Trans Sumatra Toll Road (Bayung Lencir), and the Wosusokas Regional SPAM.

The engineering and construction business line dominated new contracts with a 93% share, while the property and hospitality business lines accounted for 3%, and other businesses accounted for 4%.

ADHI's new contracts until March 2023 mainly originated from investment and other projects with a 53% share, from the government (28%), and from SOEs/regional SOEs (19%).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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PT Adhi Karya's Profits Increase Despite Revenue Decline in Q1 2023

PT Adhi Karya's Profits Increase Despite Revenue Decline in Q1 2023

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PT Adhi Karya's Profits Increase Despite Revenue Decline in Q1 2023

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