ERAA – Expects to have a positive performance in 2024

ERAA – Expects to have a positive performance in 2024 Erajaya Swasembada (ERAA) expects to have a positive performance in 2024, due to higher optimism in the global mobile phone production and the easing of chip supply shortages. The company projects a 3.8% yoy increase in the global mobile phone production this year, aligning with the recovery in chip supply. Despite ERAA's net profit for the 9M23 amounted to IDR494.8 bn (-27.2% yoy), it witnessed a 4.8% yoy rise in mobile phone sales volume to 7.4 mn in 9M23. The increase in the handset sales in 2Q23, coinciding with the Idul Fitri period, also contributed to this sales volume growth. Furthermore, user' interest in mobile phones, is expected to rise further in February 2024 with the launch of new products by renowned brands. ERAA plans to enhance its brand portfolio, especially in the affordable price range and to diversify its business further, in order to optimize its store performances and to drive its revenue growth in 2024. (Source: Kontan)