Publicly listed firm, PT Astra International Tbk (IDX: ASII) appointed new president director Djony Bunarto Tjondro and Prijono Sugiharto as the chairman of the company - Photo by TheInsiderStories

JAKARTA (TheInsiderStories) – Publicly listed firm, PT Astra International Tbk (IDX: ASII) appointed new president director Djony Bunarto Tjondro and Prijono Sugiharto as the chairman of the company. Previously, he become the vice president director at the conglomeration firm.

The company also plans to share dividends with total amount Rp8.6 trillion (US$614.28 million) or Rp214 from 2019′ net profit of Rp21.7 trillion. Talking on the COVID-19 pandemic impact to Astra, the new leaders said in a virtual presser held today (05/16), the group’ businesses was affected by the epidemic.

He hope the transition of the large-scale social distancing to “new normal” will recover the economic conditions. To avoid the impact to the group businesses, since March, the company have made a re-priority program on all capital expenditure, unnecessary costs and liquidity.

“We always maintain to maintain cost efficiency but still see the potential to develop in the long run,” said Bunarto without give further detail on the numbers.

During last year, Astra Group, has invests $7.5 billion through the holding company and its subsidiary. In this year, the group looking various sectors to boost its business.   

With seven business lines and over than 200 companies, said the director, Paulus Bambang on February 2020, now the company has a market cap $20 billion. He also mentioned, lot of opportunities in Indonesia, such as heavy equipment, mining, renewable Energy, digital, transit oriented development along mass rapid and light rapid transit and toll road areas, and other infrastructure projects.

“Astra’ investment still focus in Indonesia,” he told the audiences in one seminar in Jakarta.

During 2019, Bambang continued, Astra hold market shares in four wheels 53 percent and two wheels 75 percent through automotive division. From mining unit, the company produced coal 96 metrik tons (MT) of coal, overburden removal 750 million Bcm, and gold sales 306 kilos.

From agribusiness division, PT Astra Agro Lestari Tbk (IDX: AALI) has produced 1.3 MT of palm oil, also crude palm oil and derivatives 1.7 MT. Its infrastructure unit, PT Astra Infra, has build toll roads with long 350 kilometers, manage one port, and warehouse management.

Last year, the company prepared capital expenditure around Rp27 trillion ($1.93 billion). Part of has spent on the digital business. Astra has entered the digital business by investing in the ride-hailing provider GOJEK worth of $250 million.

In other sectors, the manufacturer will continue looking infrastructure projects and other potential business. In toll project, he claimed, Astra would manage 350 kilometers of toll road across the nation manage by Astra Infra.

Two toll road projects, Kunciran – Serpong toll road in Jakarta area and Surabaya – Moncokerto in East Java will operate. While PT United Tractors Tbk’ (IDX: UNTR) power plant project joined with Japan’ Sumitomo Corp. and Kansai Electric Power Co. Inc. with total capacity 2,000 megawatts will operate soon.

Former president director, Sugiharto believed, the new businesses will support its financial performance in the future. in the first half of 2019, the company profit dropped six percent to Rp10.38 trillion from prior year amid the lower commodity price, coal, heavy equipment, and car sales.

US$1: Rp14,000

Written by Staff Editor, Email: theinsiderstories@gmail.com