AGII Sales Grew 8.95% QoQ in Q3-2022 as Company Serves Industrial Downstreaming

By Press Release30 November 2022

PT Aneka Gas Industri Tbk (Bloomberg Code: AGII IJ or the “Company”) has released its Interim Consolidated Financial Statements for the nine months period ended September 30, 2022 (“9M2022”) and 2021 (“9M2021”). As of the 9M2022 period, total sales reached IDR 1.90 trillion, gross profit reached IDR 852.40 billion, and Profit for the Year was positive at IDR 75.81 billion. Total Sales during 9M2022 decreased 8.3% compared to the same period last year, but Q3-2022 Sales increased 8.9% compared to Q2-2022 Sales.

President Director of AGII, Mr. Rachmat Harsono, said “The third quarter of 2022 is a transitional period for the Company. Industrial downstreaming has driven demand growth in Q3-2022, with Manufacturing, Consumer Goods, and Infrastructure experiencing the highest growth among all sectors this quarter. This growth from non-medical customers has resulted in positive Q-o-Q revenue growth of 8.9% in Q3-2022, alleviating the impact from the normalization of the high demand from the medical sector experienced in 2021. In addition, total sales during 9M2022 grew 17.6% compared to that of 9M2019, which indicates a positive pre VS post-COVID performance growth, as well as a 3 (three) year CAGR that is overall higher than that of GDP.”

"The company will remain focused on maintaining service and operational excellence for our industrial customers seeking to grow their business. As we have reported, we have just signed a contract with KCC Glass, a renowned company from South Korea that is currently building a facility that is projected to become the largest glass factory in Southeast Asia. KCC Glass is the first customer of our new factory, which is scheduled to be built in the next 18-24 months at Batang Integrated Industrial Estate (“KITB”). In addition, we are also exploring innovative applications for Carbon Dioxide, including through Enhanced Oil Recovery, Wastewater Treatment and Carbon Capture opportunities. AGII is an adaptive and resilient company, of which through our nationwide network that covers 28 provinces, as well as through our well-diversified customer base, AGII has been consistently able to deliver performance in various macroeconomic conditions," he added.

Furthermore, the Company's concrete steps in maintaining performance excellence are shown through several recent developments, including the signing of the Industrial Land Utilization Agreement with PT Kawasan Industri Terpadu Batang (PT KITB), commissioning of the gas plant for PT Timah Tbk in Bangka Belitung, as well as the signing of the Net Zero Hub Memorandum of Understanding with KADIN Indonesia. In addition, AGII continues to show the Company's quality development through an upgrade in the Company’s credit rating from Fitch Ratings to A(idn), to AGII being listed on the IDX ESG Leader 2022 stock index, as well as being officially rated by Sustainalytics for ESG Risk Rating.

For full version of 9M2022 Press Release, please click here.