Astra International's Net Income Up by 64 percent in H1 2022 Thanks to Higher Car Sales, Commodity Prices

JAKARTADAILY.ID - Indonesian diversified conglomerate PT Astra International Tbk's net income increased 64 percent year-on-year in the first half of this year (H1 2022), thanks to higher car sales and soaring commodity prices in the global markets.

In its financial results for the six months ended 30th June 2022, Astra International said its net income increased to Rp 14.4 trillion, up from Rp 8.83 trillion in the corresponding period last year.

This figure excludes fair value gain on the Group’s investment in Indonesian digital holding company GoTo.

Astra, which is 50.11 percent owned by Jardine Cycle & Carriage Limited, said its revenue jumped 34 percent to Rp 143.7 trillion in January-June 2022 period, from Rp 107.4 trillion.

"In the first half of 2022, the Group recorded good performances from almost all of its business divisions, which was supported by the improvement of economic conditions and significantly higher commodity prices," Djony Bunarto Tjondro, the President Director of Astra International said in a statement sent to JakartaDaily.id on Thursday, July 28, 2022.

"The Group’s results for the rest of the year are expected to remain strong, although the Group anticipates that it may still face an unstable and uncertain trading environment.”

Astra International, listed on the Indonesia Stock Exchange under stock ticker ASII, has seven business arms.

They are the automotive sector; financial services; heavy equipment, mining, construction, and energy; agribusinesses; infrastructure & logistics; information technology, and property businesses.

Screenshot from Astra International's investor relations handbook

"Higher commodity prices drive strong performance from heavy equipment sales and mining business," the company said in the statement.

"Strong financial and funding position driving new investments," it said.

The company said its net earnings per share gained 64 percent to Rp 357.

Automotive & heavy equipment

Astra's net income from its automotive businesses grew 29 percent to Rp 4.27 trillion, while its profits from the financial sector grew 36 percent to Rp 6.19 trillion.