AKRA – 1Q24' performance pressured by a softer oil prices

AKRA – 1Q24' performance pressured by a softer oil prices AKR Corporindo (AKRA) posted revenue of IDR9.81 tn (-10.41% yoy) and net profit of IDR595.45 bn (-1.94% yoy) in 1Q24. The main factors that caused AKRA's revenue to decline were the decline in ASPs of oil and basic chemicals as well as heavy rains that often occur at operational sites. This year, AKRA expects its profit to grow by 12-15% on the back of its trade and distribution segment' growth, along with the increasing demand for fuel and chemicals in the mining segment. Note that, the trade and distribution segment contributed around IDR9.02 tn or 92% of its 1Q24' revenue. Followed by, the industrial estate segment at IDR387 bn and the manufacturing and logistics segment at IDR401 bn. The Java Integrated Industrial Port Estate (JIIPE) Gresik Special Economic Zone also continued to drive its land and utility sales that reached IDR317 bn in 1Q24. (Source : Kontan)