PT KRESNA GRAHA INVESTAMA Tbk
Financial Performance - 1Q18
• 1Q18 net income rose 71.4% YoY to Rp119.6 billion as revenue jumped 764.2% YoY to Rp950.4 billion.
• Digital and technology segment accounted for 84.3% of revenue in 1Q18 vs 70.2% in 2017.
• 1Q18 total assets +6.7% QoQ to Rp2.1 trillion, Net Cash +5.9% QoQ to Rp610.6 billion
1Q18 net income grew at 71.4% YoY, owing to strong top line and cost efficiency
PT Kresna Graha Investama Tbk (KREN) continued to post a robust performance in 1Q18 with its net income for the quarter inked a YoY growth of 71.4% to Rp119.6 billion, rising from Rp69.8 billion in 1Q17. The main donor was the radical top line performance, which posted a leap of 764.2% YoY to Rp950.4 billion in 1Q18 against Rp110.0 billion in 1Q17, or accounted for 60.5% of 2017 revenue of Rp1,570 billion.
During the quarter, revenue coming from digital and technology segment was at Rp801.5 billion, or 84.3% of the total revenue in 1Q18; this is higher than that of 70.2% in 2017. Gross margin from the segment also significantly progressed, from 1.7% in 2017 leaping to 4.0% in 1Q18. Meanwhile, financial and investment segment reported a satisfying performance as well; its revenues grew by 35.4% YoY, from Rp110.0 billion in 1Q17 to Rp148.9 billion in 1Q18. In addition, Company’s cost efficiency continued to improve, as shown by the decline in operating expense-to-revenue ratio, from 31.7%% in 1Q17 to 6.2% in 1Q18.
Assets increased 6.7% QoQ to Rp2.1 trillion; net cash grew 5.9% QoQ to 610.6 billion
Total assets rose 6.7% QoQ to Rp2.1 trillion in 1Q18 from Rp2.0 trillion n in 4Q17, mainly driven by the increase in trading assets, such as trade receivables (+12.5% QoQ to Rp477.3 billion), inventories (+11.6% QoQ to Rp263.1 billion), advances and prepaid expenses (+18.4% QoQ to Rp283.9 billion) and other current assets (+45.8% QoQ to Rp177.7 billion). The increase in trading assets was mainly driven by the jump in Company’s revenues. Meanwhile, total liabilities relatively stable at Rp676.9 billion in 1Q18 (versus Rp661.1 billion in 4Q17) while net cash position managed to continue growing, to Rp610.6 billion in 1Q19 (versus Rp576.8 billion in 4Q17). End results: KREN total equity rose 8.8% QoQ to Rp1.5 trillion in 1Q18, against 4Q17 position of Rp1.3 trillion.
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