PT Astra Otoparts Tbk (Company/AUTO) recorded a consolidated net profit of IDR 432.9 billion in the first quarter of 2023, growing 92.1% from the first quarter 2022 consolidated net profit of IDR 225.3 billion. The increase in net profit was in line with the increase in the Company's revenue performance to IDR 5.0 trillion, or grew 8.6% from the first quarter 2022 revenue performance of IDR 4.6 trillion.
From the balance sheet side, the Company recorded an asset growth of 3.9% to IDR 19.2 trillion at the end of March 2023, compared to IDR 18.5 trillion at the end of December 2022. Along with that, total liabilities were also recorded to have increased by 4.7% to IDR 5 .7 trillion at the end of March 2023, from the previous IDR 5.5 trillion at the end of December 2022.
Manufacturing Business Segment
In the manufacturing business segment, the Company collaborates with world-renowned business partners to produce a wide range of spare parts products that serve almost all automotive manufacturers and the replacement parts market in Indonesia, both for two-wheeled, four-wheeled, commercial and other vehicles. Throughout the first quarter of 2023, the Company's manufacturing business segment recorded a net revenue growth of 18.7% to IDR 2.9 trillion, compared to the first quarter of 2022 of IDR 2.5 trillion.
Trading Business Segment
The Company's trading business segment is supported by a domestic distribution network, exports and a modern retail trade network with the names Shop&Drive, Shop&Bike, Motoquick and Astra Otoservice, a digital trading platform www.astraotoshop.com which sells automotive and non-automotive products, and most recently a charging facility. KBLBB Astra Otopower. During the first quarter of 2023, the Company's trading business segment experienced a slight decrease in net income of 3.1% to IDR 2.07 trillion, compared to the first quarter of 2022 of IDR 2.13 trillion.
The Company will still focus on the manufacturing and trading business segments which are the Company's core business, by continuing to innovate and develop new products in both the automotive and non-automotive industries. The increase in sales targets from associations, both four-wheeled and two-wheeled, is a positive benchmark for the Company's business.
