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PT Aspirasi Hidup Indonesia Tbk, formerly known as PT Ace Hardware Indonesia, enjoyed a double-digit rise in sales in the first half of the year in the run-up to its likely divorce from the American hardware retailer.
In its financial report that was posted on its corporate website, the company - which is listed on the Indonesian bourse and continues to trade under the ticker "ACES" - revealed that it posted IDR 4.059 tn (Indonesian rupiah, EUR 233.686 mio) in sales for the period of January to June 2024, up 13.94 per cent from the same period the previous year. Home improvement products were the biggest contributor, accounting for IDR 2.112 tn, or 52 per cent of the take. It is followed by lifestyle products, which made IDR 1.789 tn, or 44 per cent, and toys, which rang up IDR 156.742 bn, or 3.86 per cent of the total sales.
ACES paid royalties amounting to IDR 26.053 bn to Ace Hardware during the six-month period. The company ended the first half of the year with 237 retail outlets around Indonesia.
The company reports accumulated financial results on a moving basis, and does not have official figures for sales in the second quarter of 2024. Calculations done by DIY International extrapolated from past company data, however, indicate that for the period of April to June 2024, ACES made IDR 2.104 tn, up 11.08 per cent compared to the same quarter the previous year.
Recent developments indicate that ACES, which is owned by the Kawan Lama Group and holds the license to operate Ace Hardware shops in Indonesia until December 31, 2024, may no longer renew its partnership with the American brand. This was after ACES dropped the “Ace Hardware” name as well as the logo of the American company.
In a statement, the Indonesian company said that its new logo design - which bears the new company name as well as the initials, "ahi" - was a "strategic move" that "reflects a new era full of opportunities [to] keep innovating and developing to become a reputable partner in realising customer aspiration".
- by Jenee Grace U Rubrico
