REG - Jardine Matheson Hdg - PT Astra 2024 Third Quarter Financial Statements
30/10/2024 10:30
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241030:nRSd2434Ka&default-theme=true
RNS Number : 2434K Jardine Matheson Hldgs Ltd 30 October 2024
To: Business Editor
30 October 2024
For immediate release
PT Astra International Tbk
2024 Third Quarter Financial Statements
The following announcement was issued today by the Company's 84.5%-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
30th October 2024
PT ASTRA INTERNATIONAL TBK ("the Company" or "Astra")
2024 THIRD QUARTER FINANCIAL STATEMENTS
Highlights
● Net earnings per share of Rp647, slightly higher (excluding fair
value adjustments)
● Car sales down 15%, reflecting a softer national car market, while
motorcycle sales rose 1%
● Improved performance in the other businesses, notably financial
services, offset the decline in automotive
● Stronger results in mining contracting services and gold mining
offset declines in heavy equipment sales and coal mining
"The Group's performance in the first nine months of 2024 demonstrated the
resilience of our well-diversified portfolio. While the car market remains
subdued, we expect the Group to maintain its strong performance for the
remainder of the year. We remain confident in Indonesia's economic potential
and are committed to pursuing new opportunities that enable us to further
strengthen our portfolio in line with the nation's long-term growth."
Djony Bunarto Tjondro
President Director
Astra group ("Group") Results
For the period ended 30th September
2024 2023 Change
Rp bn
Rp bn
%
Net revenue 246,329 240,913 2
Net income* (before fair value adjustments on investments in GoTo and Hermina) 26,186 26,069 0
Net income* 25,854 25,691 1
Rp Rp
Net earnings per share* (before fair value adjustments on investments in GoTo 647 644 0
and Hermina)
Net earnings per share* 639 635 1
As at 30th September 2024 As at 31st December 2023 Change
Rp bn Rp bn
%
Shareholders' funds 206,913 198,640 4
Rp Rp
Net asset value per share 5,111 4,907 4
*Profit attributable to owners of the parent.
The financial results for the nine months ended 30th September 2024 and 2023,
as well as the financial position as at 30th September 2024, have been
prepared in accordance with Indonesian Financial Accounting Standards and are
unaudited. The financial position as at 31st December 2023 has 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 in the first nine months of 2024 was
Rp246.3 trillion, 2% higher than the same period last year. Net income,
excluding fair value adjustments on investments in GoTo and Hermina, was
Rp26.2 trillion, a slight increase compared to the same period last year.
Including these fair value adjustments, the Group's net income was also
slightly higher at Rp25.9 trillion.
The net asset value per share at 30th September 2024 was Rp5,111, 4% higher
than at 31st December 2023.
Net cash, excluding the Group's financial services subsidiaries, was Rp9.9
trillion at 30th September 2024, compared with Rp29 billion at the end of
2023. Net debt of the Group's financial services subsidiaries was Rp58.0
trillion at 30th September 2024, compared with Rp52.2 trillion at the end of
2023.
Business Activities
The Group's net income by division in the first nine months of 2024, compared
with the same period last year, is set out in the table below:
Net Income by Division
For
the
per
iod
end
ed
30t
h
Sep
tem
ber
2024 2023 Change
Rp bn Rp bn
%
Automotive 8,497 9,167 (7)
Financial Services 6,230 5,857 6
Heavy Equipment, Mining, Construction and Energy 9,571 9,431 1
Agribusiness 638 638 0
Infrastructure and Logistics 972 766 27
Information Technology 116 96 21
Property 162 114 42
Net Income* (before fair value adjustments on investments in GoTo and Hermina) 26,186 26,069 0
Fair value adjustments on investments in GoTo and Hermina (332) (378) 12
Net Income* 25,854 25,691 1
*Profit attributable to owners of the parent.
Automotive
Net income from the Group's automotive division decreased by 7% to Rp8.5
trillion, mainly due to the impact of lower car sales in a softer national
market, which offset a higher contribution from the motorcycle business.
● The wholesale car market in the first nine months of 2024 was 16%
lower at 633,000 units (source: Gaikindo). Astra's car sales were 15% lower at
358,000 units, which resulted in its market share increasing from 56% to 57%.
Twelve new models and eleven revamped models were launched during the period.
● The wholesale market for motorcycles grew by 3% to 4.9 million
units in the first nine months of 2024 (source: Ministry of Industry). Astra
Honda Motor's sales amounted to 3.8 million units, 1% higher than the same
period last year, with a decline in market share from 79% to 77%. Four new
models and nine revamped models were launched during the period.
● The Group's 80%-owned components business, Astra Otoparts,
reported a 16% increase in net income to Rp1.5 trillion, mainly due to higher
earnings from exports.
● The Group's used car business, OLXmobbi, recorded sales of almost
20,000 units, triple the same period last year.
Financial Services
Net income from the Group's financial services division increased by 6% to
Rp6.2 trillion in the first nine months of 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 Rp96.8 trillion. The net income contribution from the
Group's car-focused finance companies increased by 3% to Rp1.7 trillion. The
net income contribution from the Group's motorcycle-focused finance company,
Federal International Finance, increased by 9% to Rp3.3 trillion.
● The Group's heavy equipment-focused finance companies recorded an
18% increase in new amounts financed to Rp9.8 trillion. The net income
contribution from these businesses increased by 28% to Rp171 billion.
● The Group's general insurance company, Asuransi Astra Buana
reported a 9% increase in net income to Rp1.1 trillion, benefiting from higher
underwriting and investment income. The Group's life insurance company, Astra
Life, recorded a 2% increase in gross written premiums to Rp4.5 trillion.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining, construction and energy
division increased by 1% to Rp9.6 trillion, with improved performances in
mining contracting services and gold mining offsetting declines in heavy
equipment sales and coal mining.
● 59.5%-owned United Tractors reported a 2% increase in net income
to Rp15.6 trillion.
● Komatsu heavy equipment sales decreased by 24% to 3,300 units and
revenue from the parts and service businesses was also lower.
● Pamapersada Nusantara, which provides mining contracting services
to mine concession owners, recorded 921 million bcm of overburden removal, a
9% increase compared with the same period last year, and 111 million tonnes of
coal production for its clients, a 17% increase from the same period last
year.
● United Tractors' coal mining subsidiaries recorded a 19% increase
in coal sales to 10.2 million tonnes, including 2.4 million tonnes of
metallurgical coal.
● Agincourt Resources, 95%-owned by United Tractors, reported 12%
higher gold sales at 165,000 oz and benefited from higher gold selling prices.
● United Tractors' nickel businesses comprise majority-owned
Stargate Pasific Resources ("SPR") and 19.99%-owned Nickel Industries Limited
("NIC"). United Tractors recognised equity income from NIC for the 9-month
period in arrears based on NIC's results up to the first half of 2024, owing
to the timing of NIC's results announcements. SPR reported 1,369,000 wet
metric tonnes of nickel ore sales in the first nine months of 2024, while
NIC's RKEF operations reported nickel metal sales of 34,400 tonnes in the last
quarter of 2023 and 65,000 tonnes in the first half of 2024.
● General contractor Acset Indonusa, 87.7%-owned by United Tractors,
reported a net loss of Rp286 billion, compared with a net loss of Rp151
billion in the first nine months of 2023.
Agribusiness
Net income from the Group's agribusiness division in the first nine months of
2024 was stable at Rp638 billion, despite lower sales volumes of crude palm
oil ("CPO") and its derivative products, supported by higher CPO selling
prices.
● The net income of 79.7%-owned Astra Agro Lestari was stable at
Rp801 billion.
● CPO and derivative product sales decreased by 6% to 1.2 million
tonnes.
● CPO prices were 12% higher at Rp12,492/kg.
Infrastructure and Logistics
The Group's infrastructure and logistics division reported a 27% increase in
net income to Rp972 billion in the first nine months of 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 5% more vehicles under contract at 26,800
units and a higher contribution from its logistics services business.
Information Technology
The Group's information technology division, represented by 76.9%-owned Astra
Graphia, reported a 21% increase in net income to Rp116 billion, primarily due
to improved operating margin.
Property
The Group's property division reported a 42% increase in net income to Rp162
billion, due to improved occupancy at Menara Astra and higher earnings from
the residential business.
Recent Corporate Actions
In October, the Group completed the acquisition of 95.8% of Heartology
Cardiovascular Hospital for Rp643 billion. Heartology is one of Indonesia's
largest private cardiac specialist hospitals, located in Jakarta. This
investment is part of Astra's expansion in the healthcare sector. Combined
with previous investments in Halodoc and Hermina, the Group's total investment
in the healthcare sector is now Rp4.2 trillion. The Group remains committed to
growing its healthcare portfolio and creating synergies with Astra's extensive
ecosystem.
Prospects
The Group's performance in the first nine months of 2024 demonstrated the
resilience of our well-diversified portfolio. While the car market remains
subdued, we expect the Group to maintain its strong performance for the
remainder of the year. We remain confident in Indonesia's economic potential
and are committed to pursuing new opportunities that enable us to further
strengthen our portfolio in line with the nation's long-term growth.
Djony Bunarto Tjondro
President Director
30th October 2024
For further information, please contact:
PT Astra International Tbk
Riza Deliansyah, Chief of Corporate Affairs
Tel: +62 - 21 - 5084 3888
-end-
About Astra
Astra is one of Indonesia's largest public companies, comprising 294
subsidiaries, joint ventures, and associate companies, supported by more than
200,000 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 736 young Indonesians across
each of these focus areas, including 97 national level and 639 provincial
level recipients. The SATU Indonesia Awards programme is integrated with
Astra's wide range of community activities through 200 Kampung Berseri Astra
and 1,196 Desa Sejahtera Astra initiatives in 35 provinces throughout
Indonesia.
For more about Astra, visit www.astra.co.id & www.satu-indonesia.com, and
follow us on Instagram (@SATU_Indonesia), YouTube (SATU Indonesia), Facebook
(Semangat Astra Terpadu) and Twitter (@SATU_Indonesia).
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END QRTWPGGPUUPCGUURecent news on Jardine Matheson Holdings
See all newsREG - Jardine Matheson Hdg - Director/PDMR Shareholding
AnnouncementREG - Jardine Matheson Hdg - Director/PDMR Shareholding
AnnouncementREG - Jardine Matheson Hdg - Total Voting Rights
AnnouncementREG - Jardine Matheson Hdg DFI Retail Group - Directorate Change
AnnouncementREG - Jardine Matheson Hdg - Interim Management Statement
Announcement