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Astra International revenue rises 29% on high commodity prices
Heavy equipment and mining has become Astra's biggest business segment as it now contributes more than the automotive business to the group’s revenue.
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The headquarters of Astra International in Jakarta are pictured in an undated photo. (Courtesy of Astra)
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T Astra International has reported a 29 percent annual increase in revenue thanks to surging commodity prices and the recovery of the national economy.
In its latest financial report filed with the Indonesia Stock Exchange (IDX) on Monday, the conglomerate booked sales of Rp 301.38 trillion in 2022.
The firm's net profit rose by 43 percent to Rp 28.94 trillion last year. That number would have been higher had it not been for a Rp 1.54 trillion downward adjustment on Astra’s investments in tech giant GoTo and hospital chain Hermina.
"Despite uncertainty regarding global economic projections, including lower commodity prices, we are still confident with the short-term prospects of the group. We are also in a good position to reach long-term growth by continuing the evolution of our business portfolios and significant capital investment," Astra's president director Djony Bunarto Tjondro said in a statement on Monday.
The heavy equipment, mining, construction and energy segment overtook the automotive sector as the biggest contributor to Astra's revenue and net profit. The segment produced Rp 12.7 trillion in net profit in 2022, doubling from the previous year.
The main engine of that high growth is United Tractors, the heavy equipment distributor arm of Astra, which doubled its profit to Rp 21 trillion last year.
Read also: United Tractors shares rise 10% on doubling of net profit
