ACES - 1Q24' earnings grew 29.3% yoy

ACES - 1Q24' earnings grew 29.3% yoy Ace Hardware Indonesia' (ACES) 1Q24' earnings reached IDR205 bn (+29.3% yoy/-26.2% qoq), mainly due to higher sales and better cost management, yoy. Note that, ACES' earnings declined qoq in 1Q24, was mainly due to seasonality as it is based on ACES' historical data that 4Q performance was always the highest than other quarters. ACES' revenue reached IDR1.99 tn (+17% yoy/-5.9% qoq) in 1Q24, on the back of higher sales yoy amidst Ramadan' festivities. Moreover, ACES' in-house sales contributed around IDR1.96 tn (+17.2% yoy/-5.9% qoq) of its 1Q24' total revenue. While, ACES' consignment sales contributed around IDR37 bn (+9.6% yoy/-8.7% qoq). ACES' gross profit reached IDR967 bn (+17.1% yoy/-8.3% qoq) in 1Q24, despite higher cogs yoy. While, ACES' operating profit reached IDR237 bn (+29.4% yoy/-27.8% qoq) on better cost management yoy, despite higher opex yoy, due to employees' Eid bonus. All in All, ACES' gross, operating and net margin reached 48.5% (+0bps yoy/-120bps qoq), 11.9% (+110bps yoy/-360bps qoq), and 10.3% (+100bps yoy/-280bps qoq), respectively in 1Q23. (Source : Company, KBVS)