Ace Indonesia ends two-year rout to post revenue uptick in 2022

Ace Hardware Indonesia has reversed its two-year losing streak to post a 3.35-per cent uptick in net sales in 2022. The company, which is Indonesia’s dominant home improvement retailer, disclosed net sales of 6.762 trillion Indonesian rupiah (IDR, 416.216 mio euros) for the year, the first time since 2019 that it posted annual gains, thanks to its recovery in the second half of the year.

The home improvement category, which grew 6.2 per cent, contributed around half of the sales, at IDR3.602 trillion, followed by lifestyle products, which yielded IDR2.747 trillion. Toys, meanwhile, made up IDR262.101 bn of the sales.

Ace Indonesia does not give a quarterly breakdown of its financial report, but computations based on company data show that it started recovering in the third quarter of 2022, when it posted net sales of IDR1.588 trillion, a 22.34-per cent jump from the same quarter last year. In the last quarter, the company recorded IDR1.867 trillion in net sales, flat from IDR1.849 trillion in the same period the previous year.

The full-year revenues, however, were still lower than those seen during pre-pandemic levels.

A member of the Kawan Lama Group, Ace Indonesia holds the license to operate Ace Hardware stores in the southeast Asian country. As of end-2022, the company operated 228 retail outlets across Indonesia.

-- by Jennee Grace U Rubrico