Indonesian conglomerate Astra International realised a gain of 3.7 trillion rupiah ($247.4 million) on its investment in the IDX-listed tech giant GoTo in H1 2022.
Astra’s profit rose 106% year-on-year to 18.2 trillion rupiah in the six-month period, in part due to gains in its GoTo investment, said Tira Ardianti, head of investor relations at the conglomerate.
“Our profit increased significantly in the first half of 2022 due to gains in the GoTo investment, however, our other business lines also posted good performance,” Tira told local media. Astra has seven business lines — automotive, financial, agribusiness, infrastructure & logistics, information technology, property, and mining, energy & heavy equipment.
Astra had invested in the homegrown ride-hailing giant Gojek before it merged with Tokopedia in May last year. The first investment was $150 million in 2018, followed by a $100 million investment in 2019.
The quantum of Astra’s current shareholding in GoTo was not known as only shareholders with an over 5% stake in a company have to disclose their holding under IDX norms.
