ASII - Earns net profit of IDR25.85 tn by the end of Sept24

ASII - Earns net profit of IDR25.85 tn by the end of Sept24 Astra International (ASII), has recorded a net profit attributable to owners of IDR25.85 tn as of the end of the third quarter of 2024, a slight increase of 0.63% yoy compared to the net profit of IDR25.69 tn in the same period last year. According to the financial report, Astra has posted net revenue of IDR246.32 tn as of the third quarter of 2024, up 2.24% yoy. Astra's revenue primarily comes from the heavy equipment, mining, construction, and energy segments amounting to IDR99.55 tn, as well as the automotive segment amounting to IDR99.52 tn. The financial services segment contributed IDR24.5 tn in revenue as of the third quarter of 2024. Additionally, the agribusiness segment contributed IDR16.28 tn, infrastructure and logistics IDR6.17 tn, information technology IDR2.03 tn, and property IDR910 bn. (Source : Kontan) Comment : We are encouraged by ASII's 9M24 earnings performance, despite the flat growth. We anticipate that the automotive sector likely to experience better growth, driven by the ongoing zero-down payment policy and increased consumer demand for automobiles. Additionally, the absence of earnings pressure from Astra Agro Lestari (AALI) and the significant contribution from the heavy equipment and machinery segment (HEMCE) are expected to further boost ASII's overall performance in ‘25F.