ASSA Revenue Increase 33% YoY in 9M 2022

INDUSTRY.co.id - Jakarta, November 1^st, 2022 – PT Adi Sarana Armada Tbk (ASSA) an issuer engaged in mobility, logistics and its support, posted a comprehensive net profit attributable to owners of the parent company of IDR123.57 billion in the first nine months of 2022, an increase of 41% from IDR87.74 billion in the same period the previous year.

Through its three main business pillars, namely the mobility business (vehicle rental, driver services, car sharing logistics services), the vehicle buying and selling business (JBA Auctions and Online-to- Offline used car dealers-Caroline), and end-to-end car dealerships. end logistics (logistics and courier express Anteraja), the Company booked revenue of IDR4.63 trillion, increase 33% from IDR3.48 trillion in the same period in 2021.

“In the first nine months of 2022 which was full of challenges due to the increase in prices of several commodities, especially fuel prices, as well as the high rate of inflation, the Company as a whole managed to record a fairly good performance with revenues increasing by 33% and maintaining business sustainability. Therefore, we are optimistic that we are on the right track and will continue our expansion plans. However, we will increase our caution as it is currently still in the consolidation period," said ASSA's President Director, Prodjo Sunarjanto.

In line with the consolidation period, the Company sees that 2023 will be full of challenges and this is starting to be reflected in the increase in cost of revenue for the third quarter of 2022 by 35% YoY, to IDR3.77 trillion, and general and administrative expenses which rose 45% YoY to IDR602.41 billion.

The increase in costs was previously anticipated, because it came from the need for funds for strategy and business consolidation in the mobility and logistics business.

As of September 30^th, 2022, ASSA's total current assets were recorded at IDR1.87 trillion, an increase of 76% compared to the position on December 31^st, 2021 which amounted to IDR1.06 trillion.