WIR Asia (WIRG) Rakes in Profit of IDR 28.9 Billion in the First Quarter of 2024

May 03, 2024, 03.25 AM | Reporter: Leni Wandira

ILUSTRASI. WIR Group, through its subsidiary Mindstores, builds Application Programming Interfaces (API) to provide fast and concise access for applications that require quick commerce services.

LISTED COMPANY - JAKARTA. PT WIR ASIA Tbk (WIRG), a company specializing in immersive technology and web3 with a focus on Augmented Reality (AR), Virtual Reality (VR), Artificial Intelligence (AI), and blockchain has reported positive financial and operational performance for the first quarter of 2024.

The WIR Group has seen significant growth, with revenues reaching IDR 672.6 billion, an increase of 8.1% from the first quarter of the previous year.

The company's net profit also grew by 11.1% compared to the same period last year, amounting to IDR 28.9 billion.

This increase in net profit can be attributed to operational cost efficiency and the company's sustained and consistent revenue growth while maintaining its profitability.

The company's expansion strategy in digital platform-based solutions has been a catalyst for this year's revenue increase. Throughout the first quarter of 2024, PT WIR ASIA Tbk has continued to innovate, particularly in the field of AR and Web 3.0.

Among the innovations launched are Nusa Studio for creators and school curriculum, Nagara Blockchain by Nusameta, and Hijrah Groceries by Mindstores, which facilitates customers of Bank Muamalat in shopping and meeting daily needs.

"We are excited to report positive achievements in the first quarter of 2024. The company's revenue in the first quarter of 2024 was IDR 672 billion, growing by 8.1% compared to the same period last year, driven by the main contribution from the continuously evolving and highly scalable digital platform solutions across various industry lines," said Michel Budi Wirjatmo, CEO of PT WIR ASIA Tbk in his official statement, Thursday (2/5).

The company's digital platform solutions, which include sales of goods, transaction commissions, promotions, and advertising, contributed 93.9% of total revenue. Revenue from this segment increased by 7.7% to IDR 631.5 billion compared to the first quarter of the previous year.

In addition, the company's operating profit grew by 1.8% to IDR 42.1 billion, with a stable operating profit margin of 6.3%.

The company also successfully recorded a positive EBITDA of IDR 47.2 billion during the first quarter of 2024 as a result of the company's growth strategy focusing on the development and optimization of immersive technology-based business solutions, Web 3.0, and Metaverse, especially in highly scalable digital solution platforms.

"We are optimistic about maintaining positive and sustainable growth by continuing to develop innovative and adaptive technology-based solutions to meet the ever-evolving market needs," he concluded.