PT AKR Corporindo, Tbk. (Bloomberg: AKRA IJ), Indonesia’s leading bulk logistics and infrastructure provider and largest private sector distributor of petroleum and basic chemicals reported 36% increase in sales revenue to Rp 12,195 billion for the fiscal year ended December 31, 2010 compared to the same period during the previous year.
Petroleum sales revenue jumped 49% to Rp 7,474 billion with volume of refined petroleum
products distributed during the year of 2010 increasing by 32%. Increasing demand for High
Speed diesel from coal mining, power, and industrial sectors in Indonesia enabled AKRA to
supply refined products from its extensive logistics infrastructure spread across 15 locations
across Indonesia.
Net profit for the fiscal year ended December 31, 2010, increased by 13% to Rp 311 billion
Petroleum sales revenue jumped 49% to Rp 7,474 billion with volume of refined petroleum
products distributed during the year of 2010 increasing by 32%. Increasing demand for High
Speed diesel from coal mining, power, and industrial sectors in Indonesia enabled AKRA to
supply refined products from its extensive logistics infrastructure spread across 15 locations
across Indonesia.
Net profit for the fiscal year ended December 31, 2010, increased by 13% to Rp 311 billion
while for the year ended December 31, 2009 the company reported Net profit of Rp 275 billion.
“AKRA’s petroleum and basic chemicals distribution recorded significant growth in volume
during the year 2010, drawing on the growing demand in Indonesia and facilitated by the
synergy the company draws from the infrastructure such as tank terminals, supply chain
network which we have built in Indonesia,” said Mr. Haryanto Adikoesoemo, President Director.
“AKRA has established itself as a reliable and competitive supplier of refined petroleum
products to industries, coal mining, and power sector and recorded a 32% volume increase
during the year 2010.”
“Demand for consumer goods, commodities, energy, and impressive GDP growth in Indonesia
enabled AKRA to increase sales of basic chemicals by over 25% during the year 2010.”
“We are happy to report consistent growth in Net profit of Rp 311 billion during the year 2010.
This despite the difficult operating condition faced during the year 2010 by manufacturing
subsidiary, PT Sorini Agro Asia Corporindo Tbk., (since divested in January 2011) due to
significant increase in feed stock prices which impacted the profitability of Sorini,” said Mr.
Haryanto.
during the year 2010, drawing on the growing demand in Indonesia and facilitated by the
synergy the company draws from the infrastructure such as tank terminals, supply chain
network which we have built in Indonesia,” said Mr. Haryanto Adikoesoemo, President Director.
“AKRA has established itself as a reliable and competitive supplier of refined petroleum
products to industries, coal mining, and power sector and recorded a 32% volume increase
during the year 2010.”
“Demand for consumer goods, commodities, energy, and impressive GDP growth in Indonesia
enabled AKRA to increase sales of basic chemicals by over 25% during the year 2010.”
“We are happy to report consistent growth in Net profit of Rp 311 billion during the year 2010.
This despite the difficult operating condition faced during the year 2010 by manufacturing
subsidiary, PT Sorini Agro Asia Corporindo Tbk., (since divested in January 2011) due to
significant increase in feed stock prices which impacted the profitability of Sorini,” said Mr.
Haryanto.
Outlook and Strategy for coming Year
• Petroleum:
− We expect growth in volume of refined petroleum products of 30% - 35% during the
year 2011 with increased penetration in the Kalimantan and Eastern Indonesian
markets.
− With increase in International Oil prices we anticipate higher average selling price
which could have a positive impact in revenue and margins.
− AKRA continues to invest in its infrastructure and logistics facilities including
opening new locations to continue the growth in this business.
− Expected deregulation of the subsidized fuel segment could also open larger
market opportunity.
• Basic Chemicals:
− Increasing demand for chemical products driven by Indonesian economic growth
could increase sales of chemicals by 10% to 12% during the year.
− We also are expanding customer base and market share by working closely with
principals.
• Coal Logistics:
− AKRA is developing coal mining concessions in Muara Tewe, Central Kalimantan
and expects to commence initial production during the year 2011.
− Plans to develop logistics coal infrastructures in Central Kalimantan including
completion of construction of two coal terminals along the Barito River.
− Maximizing synergies by integrating coal and petroleum infrastructure logistics in
Central Kalimantan
• Petroleum:
− We expect growth in volume of refined petroleum products of 30% - 35% during the
year 2011 with increased penetration in the Kalimantan and Eastern Indonesian
markets.
− With increase in International Oil prices we anticipate higher average selling price
which could have a positive impact in revenue and margins.
− AKRA continues to invest in its infrastructure and logistics facilities including
opening new locations to continue the growth in this business.
− Expected deregulation of the subsidized fuel segment could also open larger
market opportunity.
• Basic Chemicals:
− Increasing demand for chemical products driven by Indonesian economic growth
could increase sales of chemicals by 10% to 12% during the year.
− We also are expanding customer base and market share by working closely with
principals.
• Coal Logistics:
− AKRA is developing coal mining concessions in Muara Tewe, Central Kalimantan
and expects to commence initial production during the year 2011.
− Plans to develop logistics coal infrastructures in Central Kalimantan including
completion of construction of two coal terminals along the Barito River.
− Maximizing synergies by integrating coal and petroleum infrastructure logistics in
Central Kalimantan