VKTR Releases 1H24 Earnings, Optimistic that Q3 Will Be Better with EV Orders Coming In

July 26, 2024, Jakarta - PT VKTR Teknologi Mobilitas Tbk ("VKTR") announced its consolidated financial statements for the first half of 2024 (1H24). VKTR managed to record net revenue of IDR409 billion with increase in assets reaching IDR1,717 billion in the period.

The contraction in sales is largely in line with the national vehicle sales trend which recorded a 19% YoY decline and even deeper in the commercial vehicle segment which declined by 26% YoY according to Gaikindo data. This decline is attributed by external factors such as the political period and uncertain global macro conditions that greatly affect financial and banking conditions.

On the balance sheet side, VKTR recorded a 3% increase in total assets to IDR1,717 billion in 1H24, demonstrating the company's commitment to growing its business. Despite an 8% increase in liabilities to IDR563 billion due to an increase in trade payables to fund VKTR’s growth.

VKTR has started the construction of the first Completely Knock Down (CKD) based commercial electric vehicle facility in Indonesia through its subsidiary VKTS in Magelang, Central Java. VKTS is currently in the process of Building + Utility construction, and is targeting to complete by August 2024. Machineries + Equipment will be installed from September 2024. VKTS will be ready for line production commissioning in October - November 2024. Timely construction of the CKD facility remains VKTR’s top strategic priority.

VKTR also successfully completed the first prototype of the Lightduty Compactor electric vehicle which is targeted for launch at the end of August. This success will be a strong foundation for VKTR's expansion, especially in the B2B segment with the sale of electric trucks. This product will be a new track record for VKTR in expanding its previous client portfolio from private companies, to the current State-Owned Enterprises (SOEs).

"Currently, VKTR is focused on meeting client demand for EVs, especially in the heavy & light duty truck segment. Therefore, the fulfillment of prototype product manufacturing for client trials is one of the things we maximize. With the completion of the VKTS facility, insya Allah, it will greatly affect the speed of the Company's product procurement," said Gilarsi W. Setijono, President Director of VKTR.

In addition, entering the third quarter, VKTR received additional product orders from a state-owned company to supply the first electric truck/compactor in the Ibu Kota Nusantara (IKN) for IKN's demand.

"We are also proud to announce that VKTR will supply the first electric truck/compactor at IKN, and this is a new track record for VKTR in gaining client trust after previously in the private sector, and now expanding into State-Owned Enterprises (BUMN)," added Gilarsi.

Apart from that, VKTR has also expanded its portfolio into forklifts and transporters. Overall, despite facing industry challenges, VKTR remains confident to continue to lead the electrification of commercial vehicles in Indonesia.

About PT VKTR Teknologi Mobilitas Tbk:
PT VKTR Teknologi Mobilitas Tbk. (VKTR pronounced "Vektor") - is a pioneer in the electrification of the commercial vehicle segment in Indonesia. VKTR as officially listed its shares (IPO) on the Indonesia Stock Exchange on June 19, 2023 as the first commercial electric vehicle issuer in Indonesia to conduct an IPO. VKTR is committed to accelerating sustainable mobility in Indonesia through manufacturing and strategic partnerships with best-in-class electric vehicle manufacturers.

Further Information:
Arita.gloria@vktr.id (Arita) - Corporate Communications Manager VKTR
corsec@vktr.od – Corporate Secretary VKTR