AKR Corporindo Maintained Growth Momentum in H1-2020

2 months ago . 1 min read
MP
Marella Putri
Writer at Forbes Indonesia
AKR Corporindo Maintained Growth Momentum in H1-2020
Soegiarto Adikoesoemo, president commissioner and founder of PT AKR Corporindo. Photo courtesy of PT AKR Corporindo.

by Ulisari Eslita

The falling of crude oil price and the COVID-19 pandemic didn’t have much impact on PT AKR Corporindo performance, a logistics and supply chain company. During the first half of 2020, the company booked a net profit of Rp 431.57 billion, increased 10.44% year-on-year (YoY). The increase was attributed to the revenue, which grew 2.98% to Rp 10 trillion from Rp 9.71 trillion in the first semester of 2019.

The increase of AKR’s revenue was supported by the trade and fuel distribution segment of Rp 7.36 trillion or increase by 8.08% YoY from Rp 6.81 trillion in the first semester of 2019. The fuel trade and distribution segment contributed 73.6% to Rp 10 trillion.

Logistics revenue grew by 10% YoY to Rp410 billion with higher revenue from storage tanks and industrial estate revenue which rose significantly by 20 times to Rp 240.1 billion compared to the same period last year.

AKR’s President Director Haryanto Adikoesoemo said there were at least four main reasons the company managed to maintain its growth momentum in the first half of this year, despite challenges, particularly in the second quarter of 2020. They are a stable business model, a product portfolio that consists of essential products, a broad geographical presence and supported by robust logistics infrastructure.

“The AKR business model is based on a pass-through formula of price volatility and exchange rates, thereby eliminating the risk of loss of inventory. This is reflected in the steady growth of gross profit in trade and distribution in the next quarter, despite a sharp decline in oil prices,” said Haryanto on a recent statement.

MP
Written By
Marella Putri
Writer at Forbes Indonesia
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Companies