• ASGR’s net profit was up 45% in 2024
Astra Graphia (ASGR) recorded a net profit of IDR 204.6B in 2024 (+45% yoy). In contrast, ASGR
recorded IDR 2.81T revenue in 2024 (-5.4% yoy). The company’s revenue from services and
rentals was recorded at IDR 1.63T or an increase from IDR 1.54T. Sales of goods were recorded
at IDR 779.6B or down from IDR 868.19B while project revenue decreased from IDR 559B to
IDR 398B. Meanwhile, the cost of revenue fell to IDR 2.1T from the previous IDR 2.3T. (Kontan)
• ASSA will strengthen logistics business in 2025
Adi Sarana Armada (ASSA) plans to improve its business performance in the logistics
segment throughout 2025. The company continues to strengthen end-to-end logistics
solutions with various additional services, such as warehouse management, e-fulfillment,
transporters, and cold chain logistics. For ASSA, logistics services in Indonesia are still very
fragmented. Recently, many corporations have started to rely on third-party assistance for
their logistics systems. Thus, the company plans to take advantage of this opportunity to
become a one-stop shopping logistics solution provider. ASSA can run the logistics business
well thanks to its abundant fleet of 1,600 first-mile and last-mile logistics vehicles through
CargoShare and Coldspace which have reached all regions of Indonesia, including eastern
Indonesia. It is hoped that optimizing the logistics business will strengthen Adi Sarana
Armada’s revenue. As is known, in 3Q24, ASSA achieved a 5.2% yoy increase in revenue to IDR
3.64T, of which 38% came from the logistics business segment. Apart from that, ASSA also
has a vehicle rental service business line through ASSA Rent, providing vehicle rental services
especially B2B schemes which target private corporate customers and government
institutions. The company states that it has not been affected by cuts to ministry/institution
(K/L) budgets. The portion of ASSA vehicle rentals from government customers is around 9 –
11% of the total number of renters with passenger cars being the type of vehicle most
frequently rented by government customers. ASSA itself rents vehicles to B2B customers for
an annual period to provide convenience in operational management for both parties. The
company continues to diversify its business and customer base, including in the vehicle
rental segment to minimize the risk of declining performance if there is a slowdown in
demand in certain business segments. (Kontan)
• ESSA profits Increase in 2024 thanks to cost efficiencies
ESSA Industries Indonesia (ESSA) recorded at USD 301M revenue (-13% yoy), mainly due to a
15% decrease in ammonia prices, with an average price of USD 350/MT. Despite declining
revenue, EBITDA in 2024 was recorded to increase by 4% yoy to USD 129M due to lower
operational costs. ESSA continues to maintain the highest standards in operational safety
and reliability. The Ammonia Plant has recorded 8.4M cumulative working hours without
Loss Time Injury (LTI), while the LPG Plant achieved 6.1M cumulative working hours without
LTI. After completing almost two weeks of maintenance in 2Q24, the Ammonia Plant is now
operating at optimal levels. Ammonia prices remained largely stable throughout 2024, with
gradual increases in the last two quarters. Going forward, ammonia prices are expected to
continue to move in the same range as in 2024. Meanwhile, LPG prices are also predicted to
remain stable throughout 2024, supported by the extension of the voluntary oil production
cut policy by OPEC+. Through its subsidiary, ESSA SAF Makmur (ESM), ESSA will build a hightech
greenfield manufacturing facility in Central Java to produce Sustainable Aviation Fuel
(SAF) up to ±200,000 MT per year, with commercial operations targeted to start in 1Q28.
(Kontan)
