Aldira Sunrise 28 Agustus 2024

Property: 100% government-borne VAT incentive extended until Dec 24
The government has decided to extend the 100% Government Borne Value Added Tax (VAT) incentives for the housing sector until Dec 24. The extension of the 100% DTP VAT incentive for the housing sector aims to maintain the purchasing power of the middle class as the driver of the economy. Previously, the incentive was given at 50% from the taxable base (DPP) up to IDR 2B with a maximum selling price of IDR 5B from 1 Jul to 31 Dec 24. However, the incentive provided has been extended to 100%. (Kontan)
ADMR’s net profit was up 52% yoy in 1H24
Adaro Minerals Indonesia (ADMR) recorded a USD 247.87M net profit in 1H24 (+52.14% yoy). This was driven by the increase in revenue to USD 607.03M (+31% yoy), supported by a 43% yoy increase in sales volume to 2.59M tons and offset by an 8% decrease in ASP. The company’s production volume rose 17% yoy to 2.98M tons while overburden removal rose 37% yoy to 10.36M bcm, resulting in a strip ratio of 3.48x for 1H24. ADMR had spent a capex of USD 143.0 million in 1H24, mainly related to MC infrastructure projects and aluminum smelter construction under KAI which accounts for USD 111M of capex. Once completed, infrastructure improvement projects will support the achievement of the medium-term volume target of 6M tons per year. A second barge loading conveyor will increase both loading capacity and the company’s ability to meet delivery commitments. These improvements are expected to put the company in a strong position to meet forecast growth in its metallurgical coal products. (CNBC Indonesia)
PGAS’s net profit grew 28.4% yoy in 1H24
Perusahaan Gas Negara (PGAS) achieved a net profit of USD 186.60M (+28.40% yoy). This was in line with revenue growth to USD 1.83B (+2.80% yoy). In detail. the largest revenue contribution came from the natural gas trading segment. In 1H24, natural gas trading income from related parties amounted to USD 314.82M, while from third parties it amounted to USD 875.48M. PGAS also recorded revenue from sales of Liquefied Natural Gas (LNG) trading worth USD 93.71M in 1H24. (Kontan)