DEPOK (eNBe Indonesia) - Astra International (ASII), the country’s largest automotive company, booked a net profit of Rp15 trillion in the first nine months (9M) of 2021, up 7% year on year (y/y), as revenue grew 28% y/y to Rp167.4 trillion.
In the first 9M of 2020, the Group benefited from a gain on sale of its investment in Permata Bank. So, excluding this one-off gain, Astra’s net profit showed an 84% improvement, with better performance from all its business divisions.
In the first half (H1) of 2021, Astra reported a decline in profit due to the impact of the COVID-19, but revenue started to grow in the second quarter (Q2). While in the H1 of 2020, the Group experienced significant COVID-19 pandemic-related business restrictions in the second quarter of 2020.
As of Sept. 30, 2021, net cash, excluding the Group’s financial services subsidiaries, was Rp25.5 trillion, compared with Rp7.3 trillion at the end of 2020, due to an improved trading performance, together with relatively low capital expenditure (capex) realization and working capital.
However, if trading volumes continue to improve in the remainder of the year, both capital expenditure and working capital could increase. The net debt of the Group’s financial services subsidiaries slightly increased from Rp39.2 trillion at the end of 2020 to Rp39.3 trillion on Sept. 30, 2021.
Astra reported a 207% jump in automotive performances, also 152% growth in agribusiness in the first 9M of 2021. Heavy equipment, mining, construction, and energy grew by 51%. Net income from the Group’s financial services division increased by 23% to Rp3.4 trillion in the first 9M this year, primarily due to higher contributions from the consumer finance and general insurance businesses.
The automotive division contributed net income of Rp5.5 trillion in the first 9M this year, mainly due to the significant adverse impact on performance in Q2 of last year from the pandemic and related containment measures, as well as an increase in sales volume in the first 9M of this year, especially in the car segment, which benefited from temporary luxury sales tax incentives.
The wholesale market for cars increased by 69% to 628,000 units in the first 9M of 2021. Astra’s car sales were 79% higher at 344,000 units, and its market share increased from 52% to 55%. Ten new models and 16 revamped models were launched in the first nine months of 2021.
The wholesale market for motorcycles increased by 31% to 3.8 million units in the first 9M of 2021. Astra Honda Motor’s sales increased by 26% to 2.9 million units. Four new models and 14 revamped models were launched in the first 9M of 2021.***
