Indika Energy (INDY) Profit Drops 73.5% to Rp 1.9 Trillion in 2023

April 01, 2024, 02.38 PM | Reporter: Ridwan Nanda Mulyana

ILUSTRASI. Indika Energy's (INDY) financial performance weakened throughout the year 2023.

ISSUER NEWS - JAKARTA. The financial performance of PT Indika Energy Tbk (INDY) weakened throughout 2023. Both the top line and bottom line fell sharply. In the fiscal year 2023, INDY achieved a net profit of US$ 119.68 million.

For illustration, if converted at the current exchange rate, INDY's profit is equivalent to IDR 1.90 trillion. This figure is taken with the assumption that the current rupiah exchange rate is at IDR 15,920 per US dollar.

Compared to the fiscal year 2022, INDY's net profit last year fell by 73.56%. Just a reminder, the profit for the year attributable to the parent entity of INDY in 2022 was US$ 452.67 million.

The decline in the bottom line is in line with the reduction in INDY's top line. Quoting the financial report released in the Kontan Daily edition Monday (1/4), INDY earned revenue of US$ 3.02 billion throughout 2023.

INDY's revenue fell 30.25% compared to the achievement in 2022 which at that time reached US$ 4.33 billion. In line with this, INDY's cost of contracts and sales also fell, down 14.23% annually or Year on Year (YoY) to US$ 2.47 billion. With these results, INDY pocketed a gross profit of US$ 551.97 million. Down 61.95% compared to INDY's gross profit of US$ 1.45 billion in 2022.

After being added to various positions including the share of net profit of associate entities, selling, general and administrative expenses, investment income and financial expenses, INDY booked a pre-tax profit of US$ 238.43 million. Down 76.40% compared to the achievement in 2022 which at that time was US$ 1.01 billion.

INDY's tax expense was cut by 82.50% (YoY) to US$ 87.38 million in 2023. Thus, INDY also booked a net profit for the year of US$ 151.04 million in 2023, down 70.42% compared to the achievement of US$ 510.77 million in 2022.

For the core profit position, INDY pocketed US$ 145.83 million in 2023. The amount of INDY's core profit fell 72.02% from the position of US$ 521.20 million in 2022.

As of December 31, 2023, INDY had total assets of US$ 3.11 billion. INDY's liabilities amounted to US$ 1.73 billion with total equity of US$ 1.37 billion. INDY had cash and cash equivalents at the end of the year of US$ 549.43 million.