AKRA - Driving growth through JIIPE expansion

AKRA - Driving growth through JIIPE expansion Recent industrial land sales at Java Integrated and Industrial Port Estate (JIIPE) serves as a positive catalyst for AKR Corporindo (AKRA), a major stakeholder in Berkah Kawasan Manyar Sejahtera (BKMS). JIIPE's 3Q23 sales of 10 hectares contribute to a cumulative 29.6 hectares. BKMS has inked a conditional sales purchase agreement (CSPA) for an additional 67 hectares, part of a strategic move involving a significant USD800 mn investments from China's Sichuan Hebang Biotechnology where Hebang will hold 90% of the shares, and AKRA will retain 10%. In 3Q23 showcases solidity in both volume and margin performance in oil fuel (BBM) for both B2B and retail sectors. Simultaneously, the Freeport Indonesia copper smelter in JIIPE is over 75% complete, projected to reach 92% by end-2023. AKRA projects BKMS revenue to rise from IDR1.14 tn (2022) to IDR1.8 tn in 2023. (Source : Bisnis Indonesia)