DAPURPACUID – PT Adira Dinamika Multifinance Tbk (ADMF) or Adira Finance posted a decrease in new financing of 9% y/y to IDR 27.8 trillion.
This was mainly due to a decrease in automotive segment financing in line with the current sluggish condition of the automotive industry. Retail sales of new cars decreased by 12% y/y to 657 thousand units, while sales of new motorbikes increased slightly by 5% y/y to 4.7 million units.
“From a financial perspective, the Company posted total revenue of IDR 7.5 trillion, an increase of 9% compared to the same period last year. Meanwhile, total expenses increased by 18% y/y to IDR 6.1 trillion in the first nine months of 2024 (9M24). The increase in expenses was due to increases in funding costs and credit costs. Thus, the Company’s net profit after tax was recorded at IDR 1.1 trillion or a decrease of 17% y/y. Return on Assets (ROA) and Return on Equity (ROE) of the Company
respectively recorded at 5.7% and 13.5%.” said Sylvanus Gani Mendrofa, Finance Director of Adira Finance. In terms of funding, the Company continues to diversify funding sources both through continuous support from joint financing with its parent company, Bank Danamon, and obtaining external loans from banks (both domestic and foreign banks) and the capital market (local bonds and mudharabah sukuk).
As of September 2024, Joint Financing represents 48% of managed receivables. Meanwhile, the Company’s total loans in September 2024 increased by 24% y/y to IDR 19.2 trillion, consisting of bank loans (domestic and foreign) and bonds & sukuk each contributing 66%:34%. As a result, the gearing ratio will be 1.9 times in September 2024.
In October 2024, the Company issued Sustainable Bonds VI Adira Finance Phase IV 2024 amounting to IDR 2.0 trillion with an oversubscription of 2.3 times. In addition, the Company succeeded in maintaining its international rating of Baa1/stable from the Moody’s International Rating Agency or one level above the sovereign rating of the Republic of Indonesia. It is hoped that this ranking can strengthen the Company’s ability to access more competitive funding sources both domestically and abroad. (dpid/BGS)
Source: dapurpacu.id
