Hartadinata's (HRTA) Revenue Rises 85.84% to IDR 12.86 Trillion in 2023

April 25, 2024, 03.15 AM  | Reporter: Amalia Nur Fitri
Hartadinata's (HRTA) Revenue Rises 85.84% to IDR 12.86 Trillion in 2023

ILUSTRASI. President Director of PT Hartadinata Abadi Tbk (HRTA) Sandra Sunanto.

CORPORATE STRATEGIC - JAKARTA. PT Hartadinata Abadi Tbk (HRTA), a prominent manufacturer of gold jewelry and bullion, reported a stellar performance in 2023.

The company's revenue in 2023 reached IDR12.86 trillion, marking an impressive 85.84% year-on-year (yoy) growth from IDR 6.92 trillion in 2022. 

Meanwhile, net profit was recorded at IDR 305.80 billion in 2023, a 20.62% yoy increase from IDR 253.52 billion in 2022. 

The revenue growth was bolstered by an increase in gold sales volume and a rise in the average selling price.

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"2023 was an extraordinary year for our company. Our stellar performance is a testament to our unwavering commitment to relentless innovation and the dedication of our entire team. With innovation, collaboration, and strategic expansion, we believe we can maintain the company's performance and continue to grow to be a leader in Indonesia's gold industry," said Sandra Sunanto, CEO of HRTA, at a Public Expose event held after the Annual General Meeting of Shareholders (AGM) 2024 on Wednesday, (24/4). 

This achievement is the result of various strategies and innovations by the Management. The launch of the Ardore jewelry brand and the EMASKU gold bullion brand, along with the operational Gold Refinery Factory by PT Emas Murni Abadi, has met market needs with variants ranging from 125 grams to 1 kilogram.

HRTA also successfully expanded its business through gold jewelry exports to India and the United Arab Emirates since March 2023.

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In addition, HRTA launched the EmasKITA app to enhance customer experience. Collaborations with JNE and Blu by BCA Digital have strengthened the EmasKITA app ecosystem. HRTA's marketing network was also expanded with the opening of 85 outlets in 2023. 

HRTA's market share continues to grow, especially in the Gold Bullion segment, with the pure gold market share rising from 15.58% in 2022 to 18.52% in 2023, and gold bullion from 15.64% in 2022 to 28.51% in 2023.

"HRTA has managed to record solid growth during the pandemic where until 2023, the company's financial performance recorded the highest record of all time. This increase was also supported by export activities that we had never done before. Exports alone contributed 33.26% to the company's revenue," explained Ong Deny, CFO of HRTA. 

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In business development, the company not only focuses on the trade and gold jewelry industry but has also developed a Pawn business through PT Gemilang Hartadinata Abadi (GHA). GHA has opened several subsidiaries and has 91 outlets throughout Indonesia in 2023. The company's Pawn subsidiaries are spread across six provinces, with permission from the Financial Services Authority (OJK). 

This step aims to reach consumers from various social strata, as well as part of the company's ongoing investment and commitment to provide convenience to the community. The company is confident that business development in the Pawn field will support the company's performance improvement in the future.

HRTA also revealed its future business strategies, including strategies to reduce the cost of funds by refinancing previous bonds with lower interest rates. In addition, HRTA also plans to expand export partners, develop equity financing, and collaborate with local miners.

"We also hope that by 2028 the company can increase our cash flow. One of the most important things for us is to secure our raw materials. Currently, HRTA is actively initiating partnerships with local miners in Indonesia to meet the needs of raw materials and demand for jewelry in domestic and export. In the long term, of course, we will continue to do product balancing between bullion products and jewelry, as well as increase the contribution of retail and domestic markets," concluded Sandra.

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Editor: Syamsul Azhar

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