Mining service provider issuer PT Astrindo Nusantara Infrastruktur Tbk. (BIPI) posted a revenue increase of up to 798 percent in the first quarter of 2023. BIPI's revenue increased to US$125.83 million or the equivalent of IDR 1.87 trillion (JISDOR exchange rate of IDR 14,936 per US dollar). This revenue increased 798.18 percent compared to the first quarter of 2022 which amounted to US $ 140.1 million. This increase in revenue was driven by coal sales of US$117.33 million which is a new source of income for BIPI.
Then, the port lease is US$ 6.16 million, CPP & OLC is US$ 2.31 million, and others is US$ 9,871. This increase in revenue also pushed up BIPI's cost of revenue to 2,036.9 percent to US$95.24 million. This cost of revenue increased from US$44.57 million from the first quarter of 2022. However, BIPI's gross profit was recorded to have increased by 256 percent from US$8.59 million in the first quarter/2022, to US$30.59 million in the first quarter/2023. Meanwhile, BIPI's net profit also rose 761.3 percent to US$10.32 million, from US$1.19 million on an annual basis. This net profit is equivalent to IDR 154.15 billion.
BIPI recorded total assets of US$1.81 billion at the end of March 2023, up from the end of December 2022 of US$1.13 billion. BIPI's total liabilities increased to US$1.17 billion on March 31, 2023, from US$594.07 million on December 31, 2022. Meanwhile, BIPI's total equity also increased to US$643.87 million in the first quarter of 2023, from US$536 .2 million by the end of 2022.
