Entering second half, FIF Group’s efficiency makes way for 43% profit growth
JAKARTA. A financing company under Astra Group, PT Federal International Finance (FIF Group), managed to post a net profit of IDR 2.31 trillion in the third quarter of 2022, shifting 43.1% year-on-year (yoy). This satisfactory result was propelled by vigorous efficiency strategies implemented by the company.
Based on the financial report of FIF Group in September 2022, the leasing income, led by its top product, the new Honda motorcycle financing, only slightly improved from IDR 6.59 trillion to IDR 6.63 trillion. However, the net profit managed to soar 43.1% yoy to IDR 2.31 trillion from IDR 1.61 trillion in Q3 2021. The net profit growth resulted from efficiency strategies that have been successfully pulled off by the company, allowing its expenses to shrink from IDR 4.5 trillion in September 2021 to IDR 3.65 trillion in September 2022.
Hugeng Gozali, Financial Director of FIF Group, revealed that the total new financing distribution in Q3 2022 actually hit IDR 26 trillion mark, shifting approximately 5% from the same period in 2021. However, said financing growth was accumulated from used motorcycle, electronic devices, cash, MSME, and other financing. Meanwhile, the new motorcycle financing in H1 2022 was obstructed by the lack of supply.
According to Gozali, the contribution of new motorcycle financing should at least cover 66% of the total financing. However, even as of September 2022, the amount of new motorcycle financing was still corrected by 2% yoy. (AM/ZH)