Demonstrating Consistency, MPMX Reports Solid 2023 Performance with Positive Achievements

Demonstrating Consistency, MPMX Reports Solid 2023 Performance with Positive Achievements

FY2023 Key Highlights:

  • Resilient operations: Revenue reached Rp13.9 trillion, increased by 8.8% (2022: Rp12.7 trillion) driven by the strong sales results, led by the two-wheel Distribution and Retail segment.
  • Profitable: NPAT Core decreased by 1.2% as a result of the decline in the share of profits of associate in the financial service segment, due to the decrease in their profitability
  • Healthy balance sheet: Strong cash & cash equivalents position of Rp1,712 billion as of 31 December 2023

PT Mitra Pinasthika Mustika Tbk (IDX Ticker: MPMX, the “Company”), one of Indonesia’s leading consumer automotive and transportation companies, today released its audited 2023 consolidated financial statements. The Company delivered robust financial results, driven by its strong operational excellence and strategic initiatives. MPMX recorded an impressive revenue growth of 8,8% YoY, reaching Rp13.9 trillion. Nevertheless, the company’s 2023 consolidated Net Profit (NPAT) experienced a decline to Rp526 billion, representing a decrease of 20.6%.  This decrease is mainly due to profits from the divestment of MPMRent shares through a strategic partnership with Carro in 2022 and the impact of exchange rate fluctuations.

MPMX’s accomplishments this year also include notable awards, such as the Top Executive Awards 2023 "Great Leader of the Year" Category on behalf of Mr. Suwito Mawarwati by Tras n Co &, Stellar Workplace Award 2023 by Kontan Newspaper & OneGML Consultant, Best Responsibility of the Board by IICD, Top CSR Awards 2023 - # Star *4 by Top Business.

Suwito Mawarwati, Group Chief Executive Officer MPMX:

“Amid various global economic challenges such as economic slowdown, increasing geopolitical tensions, inflation risks, and climate change, we are grateful that the Company can get through 2023 with a fairly satisfactory sustainability performance. The financial consolidation performance still shows positive results, it is proof of the consistency of the Company together with our Subsidiaries and Associations jointly moving for the growth and development of the Company’s business and to provide greater value to all shareholders and other stakeholders.

Throughout the year, we diligently executed our strategy and carried out five main focus areas, namely strengthening the digital ecosystem, strengthening our corporate image through the implementation of ESG (Environmental, Social, and Governance), developing our business portfolio, increasing employee capabilities and capacity, and continuing to implement cost leadership discipline; and these have driven the Company to achieve impressive 2023 results in various aspects.

We would like to thank all MPM Group’s employees for their hard work and dedication which has enabled all these deliverables. We also thank all shareholders, business partners, and customers for their continuous support.

The Company will maintain strong business fundamentals and continually improve its performance from the previous year. We are optimistic that in 2024 the Company can sustain positive achievements by maintaining sustainable business growth that is environmentally sound, socially responsible, and with good corporate governance.”

Key Figures

Financial Performance   FY23
(in million RP)
(in million Rp)
Net Revenues 13,859,071 12,742,854 8.8%
Gross Profit 1,215,233 1,087,447 11.8%
Gross Profit Margin 8.8% 8.5%  
Operating Expenses (894,149) (776,324) 15.2%
Other Income 177,728 218,181 (18.5%)
Other Expenses (21,095) (4,149) 408.4%
Operating Profit 477,717 525,155 (9.0%)     
Net Finance Income 109,788 99,433 10.4%
Share of Profit of Associates 45,977 69,922 (26.9%)
Income tax expense (109,753) (118,685) (7.5%)
Net Profit from Continuing Operations 523,729 568,825 (7.9%)
Net Profit from Discontinued Operation 1,909 92,923 (97.9%)
Profit For The Year 525,638 661,748 (20.6%)
NPAT Core *) 534,802 541,442 (1.2%)

*) NPAT excluding forex effect and MPMRent share divestment

Subsidiaries Performance

Throughout the year 2023, the Subsidiaries and Associates exhibited dynamic performance, elucidated as follows:

In the two-wheeler distribution and retail business, MPMulia maintained stable performance by recording sales of 678 thousand units, or an increase in sales volume of 4.3% compared to the previous year. MPMulia's revenue increased by 6.3% compared to and net profit increased by 11.8%. Despite experiencing an uptick, the increase has not met expectations due to the lingering shadow of the impact Covid-19 pandemic, which has yet to fully subside. In this challenging environment, consumers especially in East Java are exercising restraint in expenditures, opting for essential purchases, and prioritizing debt repayment in the aftermath of the Covid-19 impact.

The Insurance segment, MPMInsurance continues to face challenges, with gross premiums experiencing a decline of 3.1% compared to the previous year. The decrease in gross premiums is primarily attributed to the discontinuation of the multipurpose credit insurance (AKM) product. Meanwhile, for motor vehicles, there is only a marginal increase of 1% in gross premiums. In 2023 the company remains committed to ongoing digital transformation initiatives to ensure customers enjoy a seamless customer journey and will enhance its business portfolio through strategic partnerships.

MPMRent's transportation business yielded satisfactory results, showcasing exceptional performance across all its business lines. MPMRent achieved positive growth with increased profitability from last year with revenue of IDR 1,352 billion and net profit increased by 6.9%. The car rental unit recorded a higher figure of 7.3% YoY with a margin of 30.1% showing an increase compared to last year’s margin of 28.5%.

In the financial services business, JACCS-MPMFinance Indonesia has achieved a 3.3% YoY growth in the number of new bookings. In terms of profitability, net profit (NPAT) generated in 2023 amounted to only Rp424 million, attributed to the rise in the Non-Performing Loan (NPL) percentage to 4.4% due to a decline in asset quality.


As an ongoing commitment to rewarding the shareholders, the Company has distributed dividends at Rp135,- per share in 2023 for the financial year 2022. The company aims to keep its promise of delivering outstanding investment returns to its shareholders in the long run.

Environmental, Social, and Governance (ESG)

The Company is committed to sustainability and incorporates key environmental, social, and governance principles in determining its business strategy and operations. To better execute the Company’s vision and mission, MPMX has developed sustainability strategies where we give equal attention to the environment, the Company’s people, the community, and the sustainable business, all of which will lead to quality business growth. Due to its efforts, the Company was successfully included in the ESG Quality45 Kehati Index for 2 consecutive years, and the IDX Kehati ESG Sector Leaders Index with an ESG performance assessment that exceeded the sector average. To learn more about our latest initiatives and priorities please visit our website MPMX Sustainability Website.

Business Outlook

Furthermore, in 2024 the Company will continue to be more innovative to create products that align with market trends and consistently seek opportunities to complement the automotive ecosystem by exploring potential downstream business opportunities through mergers and acquisitions (M&A). This strategic approach aims to ensure the Company continues to deliver added value to shareholders and other stakeholders.

About PT Mitra Pinasthika Mustika Tbk

PT Mitra Pinasthika Mustika Tbk (“MPMX”) is a leading automotive consumer company in Indonesia, established in 1987 by William Soeryadjaya. MPMX is publicly listed on the Indonesian Stock Exchange and is majority-owned by Saratoga Group. 
MPMX’s vision is to have a positive impact on life through smart mobility and social integration. By collective power, we aim to deliver the most relevant products and services to the people in our ecosystems through innovation. Our businesses offer a broad spectrum of mobility solutions, from retailing and distributing motorcycles and cars to after-market parts and services, transportation services, and financial services.

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