Prima Globalindo Logistik Tbk (PPGL), a logistics and shipping company, booked net profit of IDR 8.34 billion in the first half (H1) of 2024.
Said achievement slipped 12.4% year-on-year (yoy) from the same period last year, in which the company saw net profit recorded at IDR 9.52 billion.
However, throughout H1 2024, PPGL’s revenue, in fact, increased 3.7% yoy to IDR 95.8 billion. In the same semester last year, its revenue was reported only reaching IDR 92.4 billion.
Most of PPGL’s revenue in H1 2024 came from land transportation service, generating IDR 90.5 billion. Meanwhile, leasing business line brought in IDR 2.59 billion, followed by real estate sales of IDR 2.7 billion.
According to the recently released financial report, this net profit decline was seemingly driven by swelling operating expenses in H1 2024. Cost of revenue increased 3.2% yoy to IDR 66.9 billion, while interest expenses soared 41% yoy to IDR 1.19 billion.
As of June 30, 2024, PPGL’s total assets reached IDR 234.87 billion, with cash and cash equivalent of IDR 12.48 billion. Meanwhile, total equity was recorded at IDR 148.12 billion. (KR/ZH)