AKRA – Stagnant performance projection in 2025

AKRA – Stagnant performance projection in 2025 AKR Corporindo (AKRA) has revised its net profit targets for 2024 and 2025. This year, AKRA has cut its revenue target by 15% below consensus, to IDR2.4 tn, due to weakened oil distribution volume growth and declining B2B oil distribution margins resulting from lower volumes in the mining sector. AKRA also reported a 5% yoy decline in oil production in 9M24, attributed to a reduced contribution from mining customers. Moreover, land sales in the JIIPE Gresik area are expected to fall short of the initial guidance of 110–130 ha, with sales estimated to reach only 100 ha by the end of 2024. Consequently, AKRA has lowered its 2024 net profit target by 15% yoy and its 2025 net profit target by 8% yoy. Additionally, industrial land ASP is projected to decrease by 16% yoy in 2025. Note that, AKRA recorded revenue of IDR28.61 tn and net profit of IDR1.46 tn (-14% yoy) in 9M24. (Source : Kontan)