JAKARTA - PT Adi Sarana Armada Tbk (ASSA) posted revenue growth of 38% year on year (yoy) to Rp 701.62 billion in the first quarter (Q1) of 2020. The company also recorded Rp 26.05 billion in net profit during the period.
The largest contribution to the company's revenue came from the passenger car rent and autopool segment with Rp 327.38 billion, 46.7% of its total revenue, followed by used vehicle sales with 18%, express delivery through the AnterAja platform with 14%, driver service with 9%, and logistics with 6%.
In addition, ASSA's cost of goods sold and general and administrative expenses surged 43% and 42.3% respectively. According to ASSA President Director Prodjo Sunarjanto, this is in line with the company's plan to drive its business growth with a focus on end-to-end logistics.
"We will be cautious in the second quarter of 2020 while monitoring the conditions of our business and customers that are affected by the [COVID-19] pandemic, especially in the rent and auction segments, and continue developing our integrated logistics business which we believe has the potential to grow further as seen in AnterAja," said Mr Sunarjanto in an official statement received by IDNFinancials.com, Thursday (28/5).
AnterAja's contribution, Mr Sunarjanto explained, has been rising steadily with growing demand due to large-scale social restrictions imposed during the COVID-19 pandemic. At the end of 2019, AnterAja's contribution only amounted to 3.6% of the company's total revenue. (MS)