REG - Jardine Matheson Hdg - PT Astra 2025 First Quarter Financial Statements

Jardine Matheson HoldingsAnnouncement

Wed 12:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250430:nRSd8648Ga&default-theme=true

RNS Number : 8648G  Jardine Matheson Hldgs Ltd  30 April 2025

 

To:  Business
Editor
            30 April 2025

 
            For immediate release

PT Astra International Tbk
2025 First Quarter Financial Statements

The following announcement was issued today by the Company's 85%-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 April 2025

PT ASTRA INTERNATIONAL TBK ("the Company" or "Astra")
2025 FIRST QUARTER FINANCIAL STATEMENTS

Highlights

●      Earnings per share down 9% to Rp182 (excluding fair value
adjustments)

●      Coal mining impacted by lower coal prices, while mining
services affected by heavy rainfall

●      Market share in both car and motorcycle segments resilient in a
weaker national market; Automotive performance impacted by lower car sales,
partly offset by improved motorcycle performance

●      Higher contribution from financial services, infrastructure and
agribusiness

"The Group's earnings in the first quarter of 2025 were lower, mainly
reflecting continued subdued economic conditions and coal prices that have
declined from previous highs. While the automotive and coal-related businesses
recorded weaker performance, this was partly offset by solid results from the
Group's other businesses, reflecting the resilience of Astra's diversified
portfolio. We continue to monitor the macroeconomic environment while
maintaining financial and operational discipline. Supported by a strong
balance sheet, the Group's diversified portfolio is well-positioned to take
advantage of opportunities for long-term growth."

Djony Bunarto Tjondro

President Director

Astra group ("Group") Results

                            For the period ended 31st March
                            2025                   2024                        Change

Rp bn
Rp bn
%
 Net revenue                83,361                 81,209                      3
 Net income*+               7,388                  8,129                       (9)
 Net income*                6,932                  7,464                       (7)
                            Rp                     Rp
 Net earning per share*+    182                    201                         (9)
 Net earnings per share*    171                    184                         (7)
                            As at 31st March 2025  As at 31st December 2024**  Change
                            Rp bn                  Rp bn
%
 Shareholders' funds        221,352                213,651                     4
                            Rp                     Rp
 Net asset value per share  5,468                  5,277                       4

*Profit attributable to owners of the parent

+ Net income before fair value adjustments on investments in GoTo and Hermina

** Restated due to implementation of PSAK 117: Insurance Contracts

 

The financial results for the three months ended 31st March 2025, 31st March
2024 and the financial positions as at 31st March 2025 have been prepared in
accordance with Indonesian Financial Accounting Standards and are unaudited.

President Director's Statement

Performance
The Group's consolidated net revenue for the first quarter of 2025 was Rp83.4
trillion, an increase of 3% compared with the first quarter of 2024. The
Group's net income, excluding fair value adjustments on investments in GoTo
and Hermina, was Rp7.4 trillion, 9% lower than in the first quarter of 2024.
Including these fair value adjustments, the Group's net income declined by 7%
to Rp6.9 trillion. The lower result mainly reflects decreased performance in
the Group's coal-related businesses.

The net asset value per share at 31st March 2025 was Rp5,468, 4% higher than
at 31st December 2024.

Net cash, excluding the Group's financial services subsidiaries, was Rp16.1
trillion at 31st March 2025, compared to Rp8.0 trillion at 31st December 2024.
Net debt of the Group's financial services subsidiaries was Rp63.0 trillion at
31st March 2025, up from Rp60.2 trillion at 31st December 2024.

Business Activities
The Group's net income by division in the first quarter of 2025, compared with
the same period last year, is set out in the table below:

                                                                                 Net Income by Division
                                                                                                     For
                                                                                                     the
                                                                                                     per
                                                                                                     iod
                                                                                                     end
                                                                                                     ed
                                                                                                     31s
                                                                                                     t
                                                                                                     Mar
                                                                                                     ch
                                                                                 2025      2024      Change
                                                                                 Rp bn     Rp bn
%
 Automotive & Mobility+                                                          2,727     2,832     (4)
 Financial Services                                                              2,142     2,086     3
 Heavy Equipment, Mining, Construction & Energy                                  1,955     2,791     (30)
 Agribusiness                                                                    221       184       20
 Infrastructure                                                                  260       169       54
 Information Technology                                                          36        22        64
 Property                                                                        47        45        4
 Net Income* (before fair value adjustments on investments in GoTo and Hermina)  7,388     8,129     (9)
 Fair value adjustments on investments in GoTo and Hermina                       (456)     (665)     31
 Net Income*                                                                     6,932     7,464     (7)

+ Includes Serasi Autoraya, the Group's logistics business, and OLXmobbi, the
Group's used car business

* Profit attributable to owners of the parent

 

Automotive & Mobility
Net income from the Group's automotive & mobility division decreased by 4%
to Rp2.7 trillion, mainly due to lower sales volumes in a weaker national
automotive market.

●      The wholesale car market decreased by 5% to 205,000 units in
the first quarter of 2025 (source: Gaikindo). Astra's market share remained
resilient at 54%.

●      The wholesale motorcycle market decreased by 3% to 1.7 million
units in the first quarter of 2025 (source: Ministry of Industry). Astra Honda
Motor's market share remained resilient at 77%.

●      Net income contribution from the Group's components business,
represented by 80%-owned Astra Otoparts, increased by 7% to Rp405 billion in
the first quarter of 2025 with higher contributions from all segments.

●      Serasi Autoraya, which was previously reported as part of the
Group's infrastructure & logistics division, recorded 4% lower vehicles
under contract at 25,300 units. OLXmobbi, the Group's used car business,
booked a 24% increase in used car sales to 7,500 units compared with the first
quarter of 2024.

Financial Services
Net income from the Group's financial services division increased by 3% to
Rp2.1 trillion, mainly due to higher contribution from consumer financing on
larger loan portfolios.

●      The Group's consumer finance businesses saw a 7% increase in
new amounts financed to Rp30.3 trillion (excluding dealer financing), mainly
reflecting strong growth in multipurpose financing. The net income
contribution from the car-focused finance companies increased by 2% to Rp580
billion. The net income contribution from the Group's motorcycle-focused
finance business, Federal International Finance, increased by 3% to Rp1.1
trillion.

●      The Group's heavy equipment-focused finance companies recorded
a 25% increase in new amounts financed to Rp4.1 trillion. The net income
contribution from this segment increased by 17% to Rp55 billion.

●      The Group's general insurance company, Asuransi Astra Buana,
recorded a 3% increase in net income to Rp396 billion, mainly due to higher
underwriting income and investment income. The Group's life insurance company,
Astra Life, recorded a 1% increase in gross written premiums to Rp 1.5
trillion.

Heavy Equipment, Mining, Construction & Energy
Net income from the Group's heavy equipment, mining, construction & energy
division, represented by 59.5%-owned United Tractors, decreased by 30% to
Rp2.0 trillion. Declines in its coal mining and mining services businesses
were partly offset by improved contribution from its gold mining and heavy
equipment sales businesses.

●      Komatsu heavy equipment sales increased by 23% to 1,400 units,
driven by stronger demand from all sectors. Revenues from its parts and
service businesses also increased.

●      Mining services provider Pamapersada Nusantara recorded 12%
lower overburden removal at 252 million bank cubic metres, primarily due to
heavy rainfall.

●      United Tractors' coal mining subsidiaries recorded own coal
sales of 3.2 million tonnes, including 1.1 million tonnes of metallurgical
coal, compared with 3.3 million tonnes, which included 765 thousand tonnes of
metallurgical coal in the first quarter of 2024. Revenue from this business
was impacted by lower coal prices.

●      United Tractors' gold mining business reported 16% higher gold
sales at 57,000 oz, while gold prices were also higher.

●      United Tractors' nickel mining business, which comprises
majority-owned Stargate Pasific Resources and 20.14%-owned Nickel Industries
Limited ("NIC"). United Tractors recognised equity income from NIC for the
3-month period in arrears based on NIC's results from the final quarter of
2024. The performance of this business was affected by an impairment relating
to two of NIC's older RKEF processing plants.

Agribusiness
Net income from the Group's agribusiness division, represented by 79.7%-owned
Astra Agro Lestari, increased by 20% to Rp221 billion.

●      Crude palm oil ("CPO") prices were 22% higher at Rp14,534/kg.

●      CPO and derivative product sales increased by 14% to 430,000
tonnes.

Infrastructure
The Group's infrastructure division reported a 54% increase in net income to
Rp260 billion, due to higher traffic volumes and tariffs. The Group's toll
road concessions saw 12% higher daily toll revenue during the period from its
396km of operational toll roads along the Trans-Java network and the Jakarta
Outer Ring Road.

Information Technology
The Group's information technology division, represented by 76.9%-owned Astra
Graphia, reported a 64% increase in net income to Rp36 billion, primarily due
to higher revenue from its information technology solutions business and
improved operating margin.

Property
The Group's property division reported a 4% increase in net income to Rp47
billion, due to improved occupancy at Menara Astra.

Prospects

The Group's earnings in the first quarter of 2025 were lower, mainly
reflecting continued subdued economic conditions and coal prices that have
declined from previous highs. While the automotive and coal-related businesses
recorded weaker performance, this was partly offset by solid results from the
Group's other businesses, reflecting the resilience of Astra's diversified
portfolio. Supported by a strong balance sheet, the Group's diversified
portfolio is well-positioned to take advantage of opportunities for long-term
growth.

Djony Bunarto Tjondro

President Director

30th April 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 & mobility,
financial services, heavy equipment, mining construction & energy,
agribusiness, infrastructure, 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 at the
national and provincial level across the nation. The SATU Indonesia Awards
programme is integrated with Astra's wide range of community activities
through 1,500 Desa Sejahtera Astra and Kampung Berseri Astra in 35 provinces
throughout Indonesia.

 

For more about Astra, visit .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.

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  QRFEAFLEDFXSEFA