Indonesia. Astra International, also known by the ticker symbol ASII, said on Thursday that its capital expenditure (capex) in the first half of 2024 reached Rp12.3 trillion.

“After some adjustments, we decided to set aside Rp 37 trillion for investments this year. In the first half of the year, we used up Rp 12.3 trillion,” said Astra President and Director Djony Bunarto Tjondro.

About 70 percent of the funds used by ASII went to heavy engineering and mining. The rest was distributed among plantation and distribution operations.

Djony said that ASII’s investments going forward would focus on improving the company’s internal performance. To expand its operations, ASII has also invested in digital bank Bank Saqu as well as used car marketplace OLX. ASII is also eyeing other sectors, namely healthcare services, infrastructure and non-coal industries.

Automotive business

Many new players have emerged in the domestic automotive market, especially from China. ASII director Henry Tanoto said the company has a comprehensive portfolio to compete in the market. Products range from internal combustion engine cars and hybrids to battery electric vehicles (BEVs). The products also target all types of customers, ranging from those seeking luxury cars to those looking for a cheaper alternative. As of June 2024, Astra holds 57 percent of the market share in the national automotive industry.

“Our market share was around 52 percent in 2019, so the public was pretty excited (about our products),” Henry said.

According to Henry, ASII also has a comprehensive business ecosystem to better serve its customers.

“We promise to provide better services that meet the needs of the Indonesian people. We have a large sales and after-sales network and an ecosystem that includes leasing, insurance and trade-in of new cars,” said Henry.

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