REG - Jardine Matheson Hdg - PT Astra – 2024 Full Year Financial Statements

Jardine Matheson HoldingsAnnouncement

27/02/2025 12:30

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RNS Number : 7511Y  Jardine Matheson Hldgs Ltd  27 February 2025

To:   Business
Editor
27 February 2025

 
For immediate release

 

 

PT Astra International Tbk

2024 Full Year Financial Statements

 

The following announcement was issued today by the Company's 84.9%-owned
subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT
Astra International Tbk.

 

For further information, please contact:

 

Jardine Matheson Limited

Jonathan
Lloyd
(852) 2843 8223

 

Brunswick Group Limited

Ben
Fry
(65) 9017 9886

 

27(th) February 2025

PT ASTRA INTERNATIONAL TBK ("the Company" or "Astra")

2024 FULL YEAR FINANCIAL STATEMENTS

 

Highlights

· Earnings per share rose 1% to Rp845 (excluding fair value adjustments)

· Resilient performance from automotive business, maintaining market share;
strong motorcycle performance largely offset lower car sales in a weaker car
market

· Strong performance from infrastructure and financial services

· Proposed final dividend of Rp308 per share

 

"The Group posted strong earnings in 2024, with a resilient performance from
our diversified portfolio, despite subdued consumer sentiment in Indonesia.
There were higher contributions from our motorcycle, financial services and
infrastructure and logistics businesses, partly offset by the impact of a
weaker car market and lower coal prices.

 

Looking ahead, we are confident in Indonesia's long-term growth prospects.
Backed by a strong balance sheet, the Group is well positioned to navigate
short-term uncertainties and invest in strengthening our core businesses as
well as pursuing new opportunities to drive mid- and long-term growth.

 

I would like to thank our stakeholders for their support and our employees for
their customer focus and dedication."

 

 

Djony Bunarto Tjondro

President Director

 

 

Astra group ("Group") Results

 

                            For the years ended 31(st) December
                            2024            2023            Change

                            Rp bn           Rp bn           %
 Net revenue                330,920         316,565         5
 Net income*+               34,189          33,998          1
 Net income*                34,051          33,839          1
                            Rp              Rp
 Earnings per share*+       845             840             1
 Earnings per share*        841             836             1
                            As at 31(st)    As at 31(st)    Change

                            December 2024   December 2023   %

                            Rp bn           Rp bn
 Shareholders' funds        213,165         198,640         7
                            Rp              Rp
 Net asset value per share  5,265           4,907           7

* Profit attributable to owners of the parent

+ Net income before fair value adjustments on investments in GoTo and Hermina.
These adjustments did not have a material impact on net income.

The financial results for the years ended 31st December 2024 and 2023 and the
financial position as at 31st December 2024 and 2023 have been prepared in
accordance with Indonesian Financial Accounting Standards and audited in
accordance with the auditing standards established by the Indonesian Institute
of Certified Public Accountants.

 

PRESIDENT DIRECTOR'S STATEMENT

 

Performance

The Group's consolidated net revenue for 2024 was Rp330.9 trillion, 5% higher
than last year. Net income, excluding fair value adjustments on investments in
GoTo and Hermina, was Rp34.2 trillion, a slight increase compared to last
year. Including these fair value adjustments, the Group's net income was also
slightly higher at Rp34.1 trillion.

 

Net asset value per share at 31st December 2024 was Rp5,265, 7% higher than at
31st December 2023.

 

Net cash at 31st December 2024, excluding the Group's financial services
subsidiaries, was Rp8.0 trillion, compared to Rp29 billion at 31st December
2023, reflecting strong operating cash inflows which more than offset capex,
investments and dividend outflows during the year.  Net debt within the
Group's financial services subsidiaries grew to Rp60.2 trillion at 31st
December 2024, from Rp52.2 trillion at the end of 2023, driven by growth in
the Group's consumer finance businesses.

 

A final dividend of Rp308 per share (2023: Rp421 per share) will be proposed
at the Annual General Meeting of Shareholders of the Company to be held in May
2025. The proposed final dividend, together with the interim dividend of Rp98
per share (2023: Rp98 per share) distributed in October 2024, will bring the
proposed total dividend for 2024 to Rp406 per share (2023: Rp519 per share),
representing a dividend payout ratio of 48%; this will return the Company to a
dividend percentage payout consistent with levels prior to the distribution of
enhanced dividends in 2022 and 2023.

 

Business Activities

The Group's net income by division in 2024, compared with the previous year,
is set out in the table below:

 

                                                                                 Net Income by Division
                                                                                                     For
                                                                                                     the
                                                                                                     yea
                                                                                                     rs
                                                                                                     end
                                                                                                     ed
                                                                                                     31(
                                                                                                     st)
                                                                                                     Dec
                                                                                                     emb
                                                                                                     er
                                                                                 2024      2023      Change

                                                                                 Rp bn     Rp bn     %
 Automotive                                                                      11,218     11,417   (2)
 Financial Services                                                              8,350      7,852    6
 Heavy Equipment, Mining, Construction and Energy                                11,995     12,664   (5)
 Agribusiness                                                                    914        841      9
 Infrastructure and Logistics                                                    1,334      973      37
 Information Technology                                                          156        109      43
 Property                                                                        222        142      56
 Net income* (before fair value adjustments on investments in GoTo and Hermina)  34,189     33,998   1
 Fair value adjustments on investments in GoTo and Hermina                       (138)     (159)     13
 Net income*                                                                     34,051     33,839   1

*  Profit attributable to owners of the parent

 

Automotive

Net income from the Group's automotive division decreased by 2% to Rp11.2
trillion, mainly due to the impact of lower car sales in a weaker car market,
which offset a higher contribution from the motorcycle business.

 

· The Group maintained stable market share of 56%, despite the wholesale car
market in 2024 falling by 14% to 866,000 units (source: Gaikindo). Astra's car
sales were 14% lower at 483,000 units. 13 new models and 15 revamped models
were launched during the period.

· The wholesale market for motorcycles grew by 2% to 6.3 million units in
2024 (source: Ministry of Industry). Astra Honda Motor's sales amounted to 4.9
million units, 1% higher than the same period last year, with stable market
share at 78%. 8 new models and 7 revamped models were launched during the
period.

· The Group's 80%-owned components business, Astra Otoparts, reported a 10%
increase in net income to Rp2.0 trillion, with higher earnings from the
replacement market and exports.

· The Group's used car business, OLXmobbi, recorded sales of 27,300 units,
more than double those of last year.

 

Financial Services

Net income from the Group's financial services division increased by 6% to
Rp8.4 trillion in 2024, mainly due to higher contributions from consumer
finance on larger loan portfolios.

 

· The Group's consumer finance businesses saw a 9% increase in new amounts
financed to Rp128.2 trillion, reflecting strong growth in multipurpose
financing as well as increased market share of new vehicle financing. The net
income contribution from the Group's car-focused finance companies increased
by 4% to Rp2.4 trillion, while the net income contribution from the Group's
motorcycle-focused finance company, Federal International Finance, increased
by 7% to Rp4.4 trillion.

· The Group's heavy equipment-focused finance companies recorded a 17%
increase in new amounts financed to Rp12.5 trillion. The net income
contribution from these businesses increased by 20% to Rp213 billion.

· The Group's general insurance company Asuransi Astra Buana reported an 8%
increase in net income to Rp1.5 trillion, benefitting from higher underwriting
income and investment income. The Group's life insurance company, Astra Life,
recorded a 2% decrease in gross written premiums to Rp6.0 trillion.

 

Heavy Equipment, Mining, Construction and Energy

Net income from the Group's heavy equipment, mining, construction and energy
division decreased by 5% to Rp12.0 trillion, with declines in its coal mining
businesses partly offset by improved contribution from the mining contracting
and gold mining businesses.

 

· 59.5%-owned United Tractors reported a 5% decrease in net income to Rp19.5
trillion.

· Komatsu heavy equipment sales decreased by 16% to 4,400 units, while
revenue from the parts and service businesses was slightly higher.

· Mining services provider Pamapersada Nusantara recorded overall higher
operational result with overburden removal, its primary revenue driver,
growing 5% to 1.2 billion bcm.

· United Tractors' coal mining subsidiaries recorded own coal sales volume of
10.2 million tonnes, including 3.2 million tonnes of metallurgical coal. Total
coal sales volume including third party coal increased 11% to 13.1 million
tonnes but revenue declined due to lower coal prices.

· United Tractors' gold mining business reported 32% higher gold sales at
232,000 oz and benefitted from higher gold prices.

· United Tractors' nickel businesses comprise majority-owned Stargate Pasific
Resources ("SPR"), acquired in December 2023, and 19.99%-owned Nickel
Industries Limited ("NIC"), acquired in September 2023. United Tractors
recognised equity income from NIC for the 12-months period in arrears based on
NIC's results from the last quarter of 2023 up to the first 9 months of 2024.

 

Agribusiness

Net income from the Group's agribusiness division increased by 9% to Rp914
billion.

 

· The net income of 79.7%-owned Astra Agro Lestari was 9% higher at Rp1.1
trillion.

· CPO prices were 16% higher at Rp12,883/kg.

· CPO and derivative product sales decreased by 9% to 1.6 million tonnes.

 

Infrastructure and Logistics

The Group's infrastructure and logistics division reported a 37% increase in
net income to Rp1.3 trillion in 2024.

 

· The Group's toll road concessions saw 5% higher daily toll revenue during
the period from its 396km of operational toll roads along the Trans-Java
network and in the Jakarta Outer Ring Road.

· Serasi Autoraya reported 7% more vehicles under contract at 27,600 units.

 

Information Technology

The Group's information technology division, represented by 76.9%-owned Astra
Graphia, reported a 43% increase in net income to Rp156 billion, primarily due
to improved operating margin.

 

Property

The Group's property division reported a 56% increase in net income to Rp222
billion, due to improved occupancy at Menara Astra and higher earnings from
its residential business.

 

Corporate Actions

The Group continued to make strategic investments in the year:

· The Group progressed its commitment to diversifying into renewables through
United Tractors' completion of its acquisition of a further 20.2% stake in PT
Supreme Energy Rantau Dedap ("SERD"), which owns an operating geothermal
project in South Sumatera with an existing capacity of 2 x 49 MW, for USD80.7
million (equivalent to Rp1.3 trillion). Following this transaction, the
Group's total direct and indirect shareholding in SERD is 32.7%.

· The Group completed the acquisition of a 95.8% stake in Heartology
Cardiovascular Hospital ("Heartology") for Rp643 billion. Heartology, located
in Jakarta, is one of the leading private specialist cardiovascular hospitals
in Indonesia.

 

In February 2025, the Group increased its ownership in Halodoc from 21.0% to
31.3% for Rp0.9 trillion. Halodoc is the leading healthcare platform in
Indonesia. The Group's total investment to date in the healthcare sector
amounts to Rp5.2 trillion. The Group aims to play a pivotal role in
Indonesia's healthcare sector, focusing on cost efficiency and delivering
quality healthcare services to the nation.

 

Prospects

The Group posted strong earnings in 2024, with a resilient performance from
our diversified portfolio, despite subdued consumer sentiment in Indonesia.
There were higher contributions from our motorcycle, financial services and
infrastructure and logistics businesses, partly offset by the impact of a
weaker car market and lower coal prices.

 

Looking ahead, we are confident in Indonesia's long-term growth prospects.
Backed by a strong balance sheet, the Group is well positioned to navigate
short-term uncertainties and invest in strengthening our core businesses as
well as pursuing new opportunities to drive mid- and long-term growth.

 

Djony Bunarto Tjondro

President Director

27(th) February 2025

 

For further information, please contact:

PT Astra International Tbk

Riza Deliansyah, Chief of Corporate Affairs

Email: corcomm@ai.astra.co.id (mailto:corcomm@ai.astra.co.id)

 

- end -

 

About Astra

Astra is one of Indonesia's largest public companies, comprising 300
subsidiaries, joint ventures, and associate companies, supported by more than
190,000 employees. The company's diversified business model creates synergies
and opportunities across industry sectors including automotive, financial
services, heavy equipment, mining construction and energy, agribusiness,
infrastructure and logistics, information technology, and property. The
company has a new sustainability framework which includes Astra's 2030
Sustainability Aspirations. It will guide Astra in the transition journey to
be a more sustainable business by 2030 and beyond. Astra wishes to contribute
to the strength and resilience of the Indonesian economy while supporting an
inclusive and prosperous society.

 

Astra has a strong record of public and social contributions through four
pillars, which consist of health, education, environment, and entrepreneurship
as well as nine foundations to contribute to the growth of the Indonesian
economy while encouraging a more inclusive and prosperous society. Established
in 2010, Astra's Semangat Astra Terpadu Untuk (SATU) Indonesia Awards
programme, has recognised the contribution of 726 young Indonesians across
each of these focus areas, including 97 national level and 629 provincial
level recipients. The SATU Indonesia Awards programme is integrated with
Astra's wide range of community activities through 235 Kampung Berseri Astra
and 1,280 Desa Sejahtera Astra initiatives in 35 provinces throughout
Indonesia.

 

For more about Astra, visit www.astra.co.id, and follow us on Instagram
@satu_indonesia, TikTok @satu_indonesia, YouTube SATU Indonesia, X (Twitter)
@satu_indonesia, LinkedIn PT Astra International Tbk, and Facebook Semangat
Astra Terpadu.

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