Operational Improvements Drive ASSA’s Net Profit Up 159% QoQ in Q1 2023
2025-05-31 14:20:57
KONTAN.CO.ID - PT Adi Sarana Armada Tbk (ASSA), a publicly listed company operating in the mobility, logistics, and supporting services sectors, successfully recorded a 159% quarter-on-quarter (QoQ) increase in net profit to IDR 38.5 billion. This achievement was supported by a significant improvement in the performance of its transportation services business, Anteraja, which posted a sharp 62% QoQ increase in operating profit, compared to an operating loss of IDR 91.7 billion in Q4 2022.
Anteraja’s operating expenses declined by 7.5% QoQ to IDR 82.9 billion, while its cost of revenue was significantly reduced by 28% QoQ to IDR 374.9 billion in Q1 2023.
On the other hand, ASSA has prepared a strong cash and cash equivalents position amounting to IDR 811.9 billion to anticipate business conditions in 2023 and to ensure sustainable business growth.
Overall, the majority of ASSA’s business segments continued to record growth. The vehicle rental segment posted an 11% year-on-year (YoY) revenue increase to IDR 445.9 billion in Q1 2023. The auction business recorded a 20% YoY increase to IDR 38.6 billion. Meanwhile, the logistics segment reported a 38% YoY increase in total revenue to IDR 57.7 billion from external customer sales in Q1 2023.
ASSA also recorded a 29% YoY decline in cost of revenue in Q1 2023 to IDR 848.7 billion. General and administrative expenses decreased by 1% YoY to IDR 186.7 billion, while selling expenses increased by 16% YoY to IDR 4.6 billion.
“Our efficiency strategy implemented in 2022 has begun to prove effective in improving operational efficiency and performance in Q1 2023. We now have a much stronger operational structure. With the support of synergies within the ASSA Group, we have designed each of our business portfolios to be more focused on achieving significant profit growth across each of our business pillars,” said ASSA President Director, Prodjo Sunarjanto.
The Company operates through three main business pillars: transportation services (vehicle rental, driver services, and individual car sharing), vehicle trading (JBA auction services and Online-to-Offline used car dealers under Caroline), and end-to-end logistics (logistics and express courier services through Anteraja).
In 2023, ASSA will focus on further developing each business line. In particular, for the logistics business, ASSA will continue to expand the B2B market through various initiatives aimed at attracting corporate customers.
The Company is also focusing on developing mid-mile logistics through newly developed services such as Cargo Share. In addition, ASSA is expanding its cold chain logistics services under the brand name Coldspace.
With the strength of its ecosystem, Coldspace is positioned to become an integrated end-to-end cold chain solution provider in Indonesia, serving both B2B and B2C segments. ASSA will continue to develop its logistics business to become a comprehensive end-to-end logistics solution provider, covering first-mile, mid-mile, and last-mile services for its customers.
