Astra

Strategic developments

In Southeast Asia, Astra had a strong strategic focus in the year on planning for long-term opportunities which add value, while continuing to actively pursue opportunities in new sectors with strong growth potential and investing organically in its existing core businesses.

Astra expanded its investment in the healthcare sector through the acquisition of a 95.8% stake in Heartology Cardiovascular Hospital in Jakarta, one of Indonesia’s largest private cardiac specialist hospitals. It also progressed its public commitment to transitioning away from coal and into renewables, by increasing its effective interest to 32.7% in PT Supreme Energy Rantau Dedap (SERD), which owns a large geothermal project in South Sumatra.

Business performance

Astra delivered a resilient performance in 2024 from its diversified portfolio. Its consolidated revenue of US$20.7 billion and underlying net profit of US$2.1 billion under IFRS, were marginally higher and 4% lower than the previous year, respectively. In local currency terms, Astra reported record earnings, reflecting improved performances from most of the group’s businesses, especially motorcycle sales, financial services, and infrastructure and logistics.

The following performance review of Astra’s businesses is based on results prepared under Indonesian accounting standards.

Under Indonesian accounting standards, and excluding the fair value adjustments on the group’s investments in GoTo and Hermina, Astra reported a record net income of IDR34.2 trillion, equivalent to US$2.1 billion, 1% higher than 2023 in its reporting currency. Including these fair value adjustments, Astra’s net income of IDR34.1 trillion was also slightly higher than in the prior year.

Heavy equipment, mining, construction and energy

Net income from the group’s heavy equipment, mining, construction and energy division decreased by 5% to IDR12.0 trillion, with declines in its coal mining businesses, partly offset by improved performance from the mining contracting and gold mining businesses.

United Tractors (UT), 59.5% owned, reported a 5% decrease in net income to IDR19.5 trillion. Komatsu heavy equipment sales decreased by 16%, while revenue from the parts and service businesses was slightly higher.

Pamapersada Nusantara, which provides mining contracting services to mine concession owners, recorded a 5% increase in overburden removal volume compared with the same period last year.

UT’s coal mining subsidiaries recorded an 11% increase in coal sales volume (including third party coal), but revenue declined due to lower coal prices.

Agincourt Resources, 95%-owned by United Tractors, reported 32% higher gold sales and benefitted from higher gold prices.

UT started recording nickel mining profits in 2024 from its majority-owned Stargate Pasific Resources (SPR) and 19.99%-owned Nickel Industries Limited (NIC). UT recognised equity income from NIC for the 12-month period in arrears, based on NIC’s results from the last quarter of 2023 up to the first 9 months of 2024.

Automotive

Net income from the group’s automotive division decreased by 2% to IDR11.2 trillion, as a higher contribution from the motorcycle business was offset by the impact of lower car sales in a weaker car market.

The wholesale market for motorcycles grew by 2% in 2024, while Astra Honda Motor’s sales grew by 1%, with a stable market share of 78%. Astra maintained a stable car market share of 56%, despite the wholesale car market decreasing by 14% in 2024. The group’s 80%-owned components business, Astra Otoparts, reported a 10% increase in net income to IDR2.0 trillion, with higher earnings from the replacement market and exports.

Financial services

Net income from Astra’s financial services division increased by 6% to IDR8.4 trillion in 2024, mainly due to higher contributions from consumer finance on larger loan portfolios.

The group’s consumer finance businesses saw a 9% increase in new amounts financed. The net income contribution from the group’s car-focused finance companies increased by 4% to IDR2.4 trillion, while that from the group’s motorcycle-focused finance company increased by 7% to IDR4.4 trillion.

Astra’s heavy equipment-focused finance companies recorded a 17% increase in new amounts financed and the net income contribution from these businesses increased by 20% to IDR213 billion.

The group’s general insurance company Asuransi Astra Buana reported an 8% increase in net income to IDR1.5 trillion, benefitting from higher underwriting income and investment income.

Infrastructure and logistics

The group’s infrastructure and logistics division reported a 37% increase in net income to IDR1.3 trillion in 2024.

The group has interests in 396km of operational toll roads along the Trans-Java network and in the Jakarta Outer Ring Road. Toll road concessions saw 5% higher daily toll revenue during the year.

Agribusiness

Net income from the group’s agribusiness division increased by 9% to IDR914 billion. Lower crude palm oil (CPO) and derivative products sales were offset by higher CPO prices.