AKR’s revenue increases 29%

By Romel S. Gurky 

IDX-listed PT AKR Corporindo Tbk, a distributor of petroleum, basic chemicals, and provider of logistic and supply chain services, reported robust revenue growth of 29 percent last year.

The company said in a statement Tuesday that revenue increased from Rp18.29 trillion in 2017 to Rp23.55 trillion in 2018, with growth seen in both petroleum and basic chemicals trading and distribution businesses.

AKR reported net profit attributable to equity holders of parent entityof Rp 1.64 trillion during 2018, a 37 percent increase compared to net profit of Rp 1.20 trillion during 2017.

Balance sheet remained strong with cash position stood at almost Rp2.2 trillion as of Dec 2018. Net gearing is low at 0.21x.

"We see improving market environment during 2018 which impacted to our volume recovery,” said AKR President Director Haryanto Adikoesoemo in the statement.

We also see higher average selling price both for petroleum and chemicals.”

He added that AKR has been trusted in B20 distribution, and is committed to fully support government’s mandatory B20 Program for all industrial users.

AKR said it has reconsolidated  its  portfolio through  divestment  of  its  non-core  assets  outside Indonesia  thereby strengthening its capital structure.  “This allows us to move forward with investments in potential growth areas with the right strategy. We entered into retail gasoline market by building partnership with BP. And during 2018 our joint venture with BP has successfully launched BP-AKR Petrol Stations in Indonesia. We believe this strong and secure partnership will have differentiated offering to Indonesian consumers. Furthermore, we also expect the industrial land demand to improve going forward”.

Editing by Reiner Simanjuntak