VKTR Recorded IDR 29,56 Billion Net Profit in 2023

Jakarta – VKTR Teknologi Mobilitas (VKTR) recorded total sales of IDR 1.06 trillion in 2023, slightly decreasing by 0.87 percent from IDR 1.07 trillion in 2022.

However, VKTR's President Director, Gilarsi W Setijono explained that the company successfully managed the cost of goods sold components, reducing them by 3.41 percent from IDR 878 billion in 2022 to IDR 848 billion in 2023.

"Along with the expansion of electric bus production facilities, we recorded an increase in several operating expense components, including advertising costs, promotions, travel expenses, salaries, employee benefits, and professional services," Setijono said at Bakrie Tower, South Jakarta, on Monday (June 3).

Setijono stated that the rise in these various components led to a 42.97 percent increase in operating expenses, from IDR 113 billion in 2022 to IDR 162 billion in 2023.

As a result, VKTR achieved an operating profit of IDR 51.3 billion, a contraction of 35.29 percent from IDR 79.29 billion in 2022.

With the increase in operating expenses and other costs, the company recorded a pre-tax income of IDR 42.25 billion in 2023, down 44.3 percent from IDR 75.85 billion in 2022.

"After deducting a tax expense of IDR 12.69 billion, net profit was recorded at IDR 29.56 billion, down 56.68 percent from IDR 68.24 billion in 2022," Setijono informed.

"Regarding the net income, the company will use it according to its financial strategy,"

In 2023, the company's total assets increased by 61.52 percent to IDR 1.66 trillion from IDR 1.03 trillion in 2022.

This increase was due to the rise in the company's current assets, driven by capital expenditures following the initial public offering (IPO) on the Indonesia Stock Exchange (IDX).

Moreover, VKTR's total liabilities decreased by 31.33 percent to IDR 520 billion from IDR 758 billion in 2022.

The successful IPO and increased net income boosted the company's equity by 317.59 percent to IDR 1.147 trillion.

As a result, VKTR's financial position has strengthened, with improved financial ratios such as the debt-to-equity ratio and debt-to-asset ratio, allowing the company to effectively implement strategic initiatives.

VKTR's electric vehicle sales remain dominated by the Business to Government segment, particularly the sale of electric buses through strategic partnerships with Transjakarta bus operators.

However, unlike the previous year, the company expanded its customer portfolio to the Business to business segment by selling electric buses to private companies in 2023.

To date, the company has successfully booked total sales of 23 electric vehicle (EV) buses throughout 2023, along with additional sales of 7 EV buses realized by March 31, 2024.