AKRA (Consolidated) — 2Q26 Results Flash; Volume and JIIPE Land Sales Lift Revenue 60%, While Margin Squeeze Limits Earnings Growth

July 24, 2026

KEY TAKEAWAYS

  • Revenue reached IDR 17.9Tn, +38% QoQ and +60% YoY, driven by Trading & Distribution volumes and higher JIIPE land sales. 1H26 revenue reached 60.9% of FY26F consensus, marking a top-line beat.
  • Gross profit rose 6.5% QoQ to IDR 1.2Tn, while gross margin compressed to 6.6% from 8.5% as higher ICP pressured petroleum trading margins. EBITDA grew 9% QoQ to IDR 1.1Tn, supported by JIIPE.
  • Net profit reached IDR 774Bn, +18% QoQ and +26% YoY, with 1H26 earnings covering 51.1% of FY26F consensus, keeping results broadly in-line.
  • Key watch: margin durability and JIIPE sales sustainability. Lower ICP should support petroleum trading margins in 3Q26, while lumpy JIIPE land sales and recurring utilities growth remain key earnings drivers.
  • At 9.91x FY26F P/E, AKRA trades below its 5-year mean of 11.19x and remains above the -1 SD level of 9.00x. With petroleum trading margins set to recover as crude prices ease and JIIPE land sales continuing to support earnings, we see the current valuation as reasonable, although earnings could remain volatile given the lumpy nature of land sales and crude price movements.

Regards, Aldiracita Research

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Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
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Phone: (021)-39725678

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

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Anindita Cintasya

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Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

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Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

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Livius graduated from University of Toronto in 1995. He joined PT. Aldiracita Sekuritas Indonesia as Vice President Director from 4 October 2023. Livius has more than 20+ years of experience in Investment Banking both in Securities, Private Equity and Investment Banks in Indonesia, and overseas such as New York, Hongkong, Singapore as a Research Analyst, Head of Fixed Income, Financial Advisor, Senior Associate, Executive and Managing Director. He holds a capital market license for Broker-Dealer Representative and Underwriter Representative from OJK.

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Hari received his degree from the Faculty of Economics, University of Indonesia in 1988. He became the Independent Commissioner of PT Aldiracita Sekuritas Indonesia on 24 March 24 2023. He began his work in the financial industry in 1976 at a foreign bank in Jakarta and later worked for a security company in the capital market. Having worked in the financial market for over 30+ years, Hari has held positions as a President Director, Directors and Senior Manager. He is currently an competency assessor for Lembaga Sertifikasi Profesi Pasar Modal Indonesia (LSPPMI).