Astra International Posts Rp25.69 Trillion Net Profit in September 2023, a 10% Increase

PT Astra International Tbk (ASII) recorded a net profit of Rp25.69 trillion in the first nine months of 2023.

This net profit increased by 10% year-on-year (yoy) compared to the same period last year, which was Rp23.33 trillion.

In line with the increase in profit, the multinational company's net revenue also increased. In September 2023, it was recorded at Rp240.91 trillion, up 8.83% (yoy) from Rp221.35 trillion previously.

The cost of goods sold amounted to Rp187.32 trillion, up 10.14% (yoy) from Rp170.07 trillion previously.

ASII's profit was supported by several segments. Citing *Katadata*, here's the profit from several Astra International segments as of September 2023:

* Automotive

The automotive group earned a profit of Rp9.2 trillion, an increase of 35% (yoy). The profit increase is in line with the increase in sales volume. Astra's car sales increased by 2% to 421,000 units, with market share increasing from 55% to 56%.

Meanwhile, sales of Astra's Honda motorcycles increased by 39% to 3.7 million units compared to the same period last year. Last year, there were production constraints due to semiconductor availability issues that impacted the business.

In its statement, the automotive component business, with 80% ownership by Astra Otoparts, recorded a 58% increase in net profit to Rp1.3 trillion in the first nine months of 2023.

* Financial Services

The group's financial services division's net profit increased by 33% to Rp5.9 trillion until September 2023. The increase was driven by increased contributions from consumer financing and general insurance businesses.

* Heavy Equipment, Mining, Construction, and Energy

Net profit from this segment reached Rp9.4 trillion in the first nine months of 2023. This profit decreased by 1% (yoy) due to lower contributions from the coal and gold mining businesses.

* Agribusiness

The group's agribusiness division recorded a net profit of Rp638 billion until September 2023, down 34% (yoy). The main cause was the low price of crude palm oil (CPO).

ASII recorded a net profit of PT Astra Agro Lestari Tbk (AALI), 79.7% of whose shares are owned by the company, down 34% to Rp801 billion. Sales volume of CPO and its derivative products increased by 18% to 1.3 million tons. The CPO price decreased by 16% to Rp11,153 per kilogram.

* Information Technology

The group's information technology group, PT Astra Graphia Tbk (ASGR), 76.9% of whose shares are owned by the company, recorded a 96% increase in net profit to Rp96 billion. The main driver was the increase in operating margin and revenue.

From its financial statements, ASII is recorded as having assets of Rp442.97 trillion, up 7.18% (yoy) from Rp413.29 trillion previously. Its liabilities reached Rp204 trillion and its equity amounted to Rp238.96 trillion as of September 2023.

(See also: Astra Car Sales Dropped 7.9% in January 2023)