2022-09-04 10:50:12
*AKRA Update: September 4, 2022*
*Highlights*
• Demand of Industrial B to B Petroleum in Q 3 2022 sustained – AKR Bio-solar (High Speed diesel) Supplies to mining and other customers remain high with Coal production rising
• Basic chemicals distribution improving with higher manufacturing activity and improving supply situation
• Trading and distribution margins maintained in Q 3 2022 and higher than earlier years – AKR enjoys significant advantage due to superior logistics and supply chain capabilities and effective pass through of Price movement
• Indonesian Government increases prices of subsidized petroleum products – Price of RON 90/ Subsidised diesel increased by 30% - Price of RON 92 also increased closer to Market price- Likely positive impact for BP AKR Retail gasoline sales with narrowing differential.
• AKR reappointed distributor of subsidized Diesel for further period of 5 years; Ministry of Energy and mineral resources announced that AKR has qualified for distribution of subsidized diesel after evaluating AKR performance and capabilities – Supply chain Infrastructure and IT platform
• JIIPE Update : On 25th August 2022, JIIPE signed Sale purchase agreements with XINYI GLASS INDONESIA for 37.5 hectare land sale along with Heads of Agreement for Port, utilities and other services;
• Frequent Investor visits to JIIPE during Q 3 2022 hosted with potential for land sales for large industrial plants for Chemicals, downstream industries from Copper Smelter and other sectors.
• Strong Balance sheet and cash flows maintained
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