MPMX Continues to Outperform with Impressive 2022 Performance

MPMX Continues to Outperform with Impressive 2022 Performance

FY2022 Key Highlights:

  • Profitable growth: Net Profit substantially improved by 60.7% to 662 billion (2021: Rp412 billion)
  • Resilient operations: Revenue reached Rp12.7 trillion, increased by 7% (2021: Rp11,9 trillion) driven by the strong sales results, led by the Distribution, Retail, and Aftermarket segments.
  • Healthy balance sheet: Strong cash & cash equivalents increased by 8% compared to the end of 2021 position

PT Mitra Pinasthika Mustika Tbk (IDX Ticker: MPMX, the “Company”), one of Indonesia’s leading consumer automotive and transportation companies, today released its audited 2022 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 7% YoY, reaching Rp12.7 trillion. In addition, MPMX posted a significant increase in Net Profit of 60.7% compared to the previous year, achieving Rp662 billion contributed by exhibited growth from the distribution, retail, and aftermarket business, transportation, multi-finance, and capital gain related to the strategic divestment of 49.9997% of MPMX’s stake in transportation business (MPMRent).

MPMX’s accomplishments also include notable awards received in 2022, such as Indonesia Best CEO & Indonesia Best CFO by SWA Magazine, Saham Terbaik 2022 by Investor Magazine, and Top Corporate Awards 2022 by Infobrand. id

Suwito Mawarwati, Group Chief Executive Officer MPMX:

“We are pleased to deliver strong 2022 full-year results, which reflect our continued focus on delivering value for our customers and shareholders. Our growth was driven by the steady and highly positive performance of all our subsidiaries and associated entities, despite a complex macroeconomic and geopolitical environment, including the prolonged pandemic impact and the issue in the supply of semiconductor components. This demonstrates the robustness of our business model and our ability to adapt. Today, MPMX is a very solid company, with high-quality teams and excellent financial health.

MPMX’s success in maintaining stable financial performance is both an accomplishment, a challenge, and a motivation for the Company in the coming years. Going forward, it is our task to keep up this positive momentum by continuously establishing a sustainable corporate track record, focusing on the growth of existing businesses, identifying areas of new growth, and continuing with our vision and mission of bringing valuable impacts to the society.

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.”

Key Figures

Financial Performance FY22
(in millions of Rp)
(in millions 
of Rp)
%Growth YoY
Net Revenues 12,742,854 11,913,408 7.0%
Gross Profit 1,087,447 959,882 13.3%
GP Margin 8.5% 8.1%  
Operating Expenses (776, 324) (727,598) 6.7%
Other Income 218,181 139,679 56.2%
Other Expenses (4,149) (40,400) (89.7%)
Operating Profit 525,155 331,563 58.4%
Net Finance Income 99,433 117,899 (15.7%)
Share of Profit of Associates 69,922 25,494 146.8%
Net Profit from Continuing Operations 568,825 378,994 50.1%
Net Profit from Discontinued Operation 92,923 32,754 183.7%
Net Margin 5.2% 3.5%  
EBITDA 803,066 842,395 (4.7%)


The Group recorded a good performance in 2022, mainly driven by contributions from the distribution and retail, transportation, and multi-finance segment businesses. The performance of each business segment is as follows:

Distribution, Retail, and Aftermarket segments recorded revenue growth. MPMulia (distribution) experienced a revenue increase of 7.5% and managed to sell 650,396 units of motorcycles and spare parts sales reached Rp1,237.9 billion. MPMMotor (retail) also experienced a revenue increase of 8.5%. Net profit rose to 22.7%. This achievement is quite encouraging despite the motorcycle supply chain issue in 2022.

As for the Insurance segment, MPMInsurance managed to obtain a gross premium of Rp763.2 billion, recording a decrease of 2% compared to the previous year of IDR 781 billion. The decrease in gross premiums was mainly due to management's policy to discontinue Multipurpose Credit, Marine Hull, and Engineering products which were considered less profitable. Meanwhile, Motor vehicles and Property remained the largest contributors, contributing 69% of the total gross premium.

Meanwhile, from Associated Entities, MPMRent's transportation business performed very well mainly due to higher car rental units by 11% YoY and an increase in used car sales margin of 9%. As for this segment, MPMRent will no longer be consolidated in the Company's 2022 Financial Report after the strategic partnership with Carro. Revenue and profit/loss for the period from January 2022 to the date of the transaction will not be recorded in the Group's results of operations but will be recognized as part of "Discontinued Operations" and for the period after the date of the transaction, the Group will only recognize the profit/loss share of MPM Rent's results of operations, according to the percentage of ownership in the heading “Share of profit/loss from associates”.

In the financial services business, JACCS-MPMFinance Indonesia experienced a significantly increased in the number of new bookings by 29% YoY and gross profit by 19% YoY, mainly contributed by the expansion of the dealer network and the company's focus on used car financing.


As an ongoing commitment to rewarding the shareholders, the Company has distributed dividends at Rp180,- per share in 2021 for the financial year 2020. The company aims to keep its promise of delivering outstanding investment returns to its shareholders in the long run.

Environmental, Social, and Governance (ESG)

To better execute 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. MPMX is listed in the ESG Quality 45 IDX KEHATI Index, an index that contains the 45 best stocks from the results of ESG performance assessments and the company's financial quality and has good liquidity. To learn more about our latest initiatives and priorities please visit our website MPMX Sustainability Website.

Business Outlook

Furthermore, in 2023 the Company will continue to be more innovative to create products that are relevant to the market nowadays and consistently seeks opportunities for potential mergers and acquisitions in order to develop business in a non-organic manner that can bring added value to our shareholders and 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, and financial services.

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