Astra

Automotive

Net income from Astra’s automotive division increased by 170% to US$509 million, reflecting the recovery from the significant adverse impact of the pandemic last year and an increase in sales volumes, especially in the car segment, which benefitted from temporary luxury sales tax incentives.

The wholesale market for cars increased by 67% in 2021 and Astra’s car sales were 81% higher, with market share increasing to 55% from 51% last year. The wholesale market for motorcycles increased by 38% and Astra Honda Motor’s sales rose by 36%, with a slightly reduced market share. Astra Otoparts saw an increase in net income, mainly due to higher revenues from the original equipment manufacturer, replacement market and export segments.

Financial Services

Net income from the group’s financial services division increased by 49% to US$345 million, primarily due to higher contributions from the consumer finance and general insurance businesses. Consumer finance businesses saw a 25% increase in new amounts financed. There was a 70% rise in the contribution from the group’s car-focussed finance companies and an increase of 66% in the contribution from its motorcycle-focussed business. These increases were mainly due to lower loan loss provisioning.

Astra’s heavy equipment-focussed finance operations saw an 88% increase in new amounts financed. The net income contribution from this segment increased by 85%.

General insurance company Asuransi Astra Buana reported a 21% increase in net income, mainly caused by higher investment and underwriting income. The group’s life insurance company, Astra Life, recorded a 50% increase in gross written premiums.

Heavy Equipment, Mining and Construction

Net income from Astra’s heavy equipment, mining and construction division increased by 79% to US$427 million, due to higher Komatsu heavy equipment sales and improved coal prices.

Komatsu heavy equipment sales rose by 97%, while parts and service revenues were also higher. Mining contractor Pamapersada Nusantara recorded 3% higher overburden removal volume and 1% higher coal production. United Tractors’ coal mining subsidiaries achieved 3% lower coal sales, while Agincourt Resources reported a 3% increase in gold sales.

General contractor Acset Indonusa reported a net loss of US$49 million, mainly due to the slowdown of several ongoing projects and reduced construction project opportunities during the pandemic.

Agribusiness

Net income from the group’s agribusiness division was US$109 million, 137% higher than 2020, mainly due to higher crude palm oil prices, which rose by 32%. Crude palm oil and derivatives sales fell slightly.

Infrastructure and Logistics

Astra’s infrastructure and logistics division saw its net income increase by 53% to US$5 million in 2021. The group’s toll road concessions saw 25% higher toll revenue. Serasi Autoraya’s net income increased by 26%, mainly due to improved operating margins and more vehicles under contract, although used car sales were lower.

During the year, the group acquired a 49% stake in PT Jasamarga Pandaan Malang, the operator of the Pandaan-Malang toll road, one of the important toll roads in East Java.

Information Technology

Net income from the group’s information technology division was 86% higher at US$5 million.

Property

Net income from the group’s property division increased by 26% to US$8 million. During the year, Astra Land Indonesia (‘ALI’), Astra’s 50:50 joint venture with Hongkong Land, acquired the remaining 33% stake in Astra Modern Land, the developer of the Asya residential township in East Jakarta, which it did not already own. In early 2022, ALI established a joint venture with LOGOS to develop and manage modern logistics warehouses in Indonesia.