AKRA Stock: AKR Corporindo Profile, Business, Performance and Risks

AKRA is the ticker for PT AKR Corporindo Tbk on the Indonesia Stock Exchange, a company engaged in trading and distribution of fuel (BBM) and basic chemicals. Beyond its core business, the company also develops the JIIPE integrated industrial and port estate in Gresik, East Java. By the end of 2024, AKR Corporindo operated 13 branch offices and 20 storage facilities across Indonesia, according to Wikipedia.

AKRA stock summary

As of October 29, 2026:

AKR Corporindo's business

AKR Corporindo's core business is trading and distributing both subsidized and non-subsidized fuel, through a gas station network that includes a BP partnership (PT Aneka Petroindo Raya) and jet fuel distribution with BP (PT Dirgantara Petroindo Raya). This segment remains the main revenue driver, contributing 90.5% of segment revenue and 69.3% of segment profit through 9M26, according to Mikirduit's research, though its margin is relatively thin at 5.74%.

Beyond fuel, the company operates the JIIPE industrial estate together with Pelindo III, integrating an industrial zone with a deep-sea port. This segment actually posts the highest profit margin among all business lines, at 30.83%, followed by logistics at 20.32% and manufacturing at 16.68%. Other businesses include a fuel storage terminal with Vopak through PT Jakarta Tank Terminal, chemical distribution through a joint venture with Petronas Chemicals Group, Castrol lubricant distribution, and an early-stage renewable energy venture through PT Berkah Renewable Energi Nusantara, established in 2024.

Brief history and IPO

AKR Corporindo traces its roots to a basic chemical trading business started in Surabaya in 1960. It was formally incorporated as PT Aneka Kimia Raya (AKR) on November 28, 1977, before relocating headquarters to Jakarta. The company listed on the Indonesia Stock Exchange on October 3, 1994.

The company name changed to AKR Corporindo in September 2004 as the business expanded beyond chemicals. In 2005, AKR became the first national private company to distribute non-subsidized fuel, and in 2010 the first to distribute subsidized fuel through gas stations and fishing fuel stations. In 2018, AKR was appointed as the implementing business entity for the provision and distribution of certain fuel types (P3JBT) for a five-year period. The JIIPE project began development in 2013 and once handed over 103 hectares of land to Freeport Indonesia for a smelter site in 2019.

Shareholders and management

The sources checked do not include a detailed breakdown of AKRA's majority shareholders. What is available are share sale transactions by two directors in September 2026. Director Bambang Soetino sold 999,200 shares across three transactions on September 7-8, 2026 at prices between Rp1,445 and Rp1,480 per share, for personal divestment purposes. After the sale, his holding fell from 11,039,200 shares (0.055%) to 10,030,000 shares (0.05%).

Director Nery Polim also sold shares on the same dates, 250,000 shares at Rp1,540 and 300,000 shares at Rp1,530. Separately, AKR Corporindo's Corporate Secretary & Head of Legal Division, Arum Pawestri, served as the company spokesperson on dividend policy during a public expose in early September 2026. For a full breakdown of major shareholders and the board of directors, checking official disclosures at idx.co.id is still advisable.

Recent financial performance

Through September 2026 (9M26), AKR Corporindo booked revenue of Rp46.53 trillion, up 43.6% from Rp32.39 trillion in the same period a year earlier, according to financial statements cited by Liputan6. Gross profit grew 30.5% to Rp3.61 trillion, while operating profit rose 31.8% to Rp2.70 trillion.

Net profit for the period climbed 32.4% to Rp2.44 trillion, and profit attributable to the parent entity's owners rose 32.4% to Rp2.26 trillion. Earnings per share increased from Rp83.50 in 9M25 to Rp111.83 in 9M26.

Despite the double-digit growth, cost of goods sold grew even faster at 44.9% to Rp42.92 trillion, squeezing gross margin from 8.54% to 7.76% and operating margin from 6.44% to 5.82%, according to Mikirduit's analysis. On the balance sheet as of September 30, 2026, total assets reached Rp38.63 trillion (up from Rp36.56 trillion in December 2025), equity stood at Rp16.24 trillion (from Rp15.60 trillion), and liabilities reached Rp22.38 trillion (from Rp20.95 trillion). Cash and cash equivalents actually declined to Rp5.97 trillion from Rp6.40 trillion at the end of 2025.

In an earnings call on October 26, 2026 summarized by Stockbit, management expressed confidence that fourth-quarter fuel sales volume would be supported by seasonal demand from mining clients rushing to meet year-end RKAB production quotas, driven by high coal prices that encourage miners to open new pits. Analyst consensus projects full-year 2026 net profit at Rp2.78 trillion, which Stockbit noted only requires fourth-quarter net profit of Rp571 billion, below the third quarter's realized Rp780 billion. Stockbit itself estimates fourth-quarter net profit could reach Rp660-780 billion, potentially pushing full-year net profit above consensus, with annual growth in the range of 16-21%.

For full audited financial statements, investors should still check official filings at idx.co.id.

Dividends

AKR Corporindo has a policy of distributing at least 30% of net profit as dividends, applicable when annual net profit exceeds Rp50 billion. This was stated by Corporate Secretary Arum Pawestri during a public expose on September 8, 2026, as reported by Kontan.

The company already paid an interim dividend of Rp50 per share in August 2026. The FY2025 final dividend was Rp50 per share. According to Stockbit research published October 27, 2026, management indicated the FY2026 final dividend is likely to be higher than the Rp50 per share paid the prior year, though management has reportedly turned more conservative due to new investment opportunities not budgeted at the start of the year that could be announced before the end of 2026.

Assuming 2026 net profit growth of around 20% year over year and a payout ratio of 70-80% (compared to roughly 80% in 2025), Stockbit estimates AKRA's 2026 final dividend could range from Rp54 to Rp68 per share, excluding the interim dividend. This implies a dividend yield of roughly 3.8-4.9% at a reference price of Rp1,400 per share. It's worth remembering this is an analyst projection, not a figure finalized at a shareholders' meeting.

AKRA stock price movement

As of October 29, 2026, AKRA traded at Rp1,405 per share, sitting around 62% of its 52-week range between Rp1,100 and Rp1,595. That puts the stock well above its yearly low but still some distance from its yearly high.

Over the past month the stock fell 2.1%, and over three months it dropped 4.1%. Over the past year, however, the stock is still up 15.2%, suggesting the longer-term trend remains positive despite the recent short-term pullback. Average daily trading volume over the past three months stood at 20.94 million shares.

One notable spike captured in the sources occurred on September 8, 2026, when AKRA closed at Rp1,525, up 5.17% in a single day, driven by sentiment around hints of a bumper dividend from management. That gain extended a one-month rally that had accumulated 8.54%, according to Kontan. Mikirduit also noted that AKRA had experienced a gap down tied to sentiment around MSCI's plan to downgrade Indonesia's market status to Standalone, but the stock was said to have already closed that gap.

Recent news and catalysts

• October 26, 2026 (Liputan6, citing IDX disclosures): AKRA reported revenue of Rp46.53 trillion and net profit of Rp2.44 trillion for 9M26, up 43.6% and 32.4% year over year respectively.
• October 26-27, 2026 (Mikirduit and Stockbit): analysts highlighted AKRA's thinning gross and operating margins despite double-digit profit growth, alongside opportunities from a planned LNG expansion and the JIIPE industrial estate's performance.
• October 27, 2026 (Stockbit): management's earnings call outlined seasonal fuel sales expectations for the fourth quarter, an unraised JIIPE land sales guidance despite 9M26 realization already reaching 93 hectares against a 90-100 hectare target, and signals that the 2026 final dividend could exceed last year's Rp50 per share.
• September 9, 2026 (Kontan): hints of a bumper dividend from management drove AKRA shares up 5.17% in a single day to Rp1,525.
• September 7-8, 2026 (Liputan6, citing IDX disclosures): two AKRA directors, Bambang Soetino and Nery Polim, sold part of their shareholdings for personal divestment purposes.
• Brent crude oil briefly strengthened to around US$114 per barrel, its highest in five months, alongside fuel supply disruptions in several regions, according to Mikirduit. This could boost the value of AKRA's industrial fuel sales, though the effect on profit isn't automatic since it depends on procurement costs and the company's ability to adjust selling prices.

What it means for investors

A few concrete things worth tracking before forming a view on AKRA stock:

• Fourth-quarter 2026 earnings release: analyst consensus pegs full-year net profit at Rp2.78 trillion, which Stockbit says only requires Rp571 billion in the fourth quarter, well below the third quarter's realized Rp780 billion. Actual results can be measured against this benchmark once the annual report lands.
• Final dividend announcement: management has signaled the FY2026 final dividend could exceed last year's Rp50 per share, but the exact amount and timing only become official once approved at the shareholders' meeting. IDX disclosures are the most reliable place to track this.
• JIIPE land sales progress: management's 90-100 hectare target for 2026 is nearly met at 93 hectares through 9M26. Whether an additional 3-5 hectares get sold in the fourth quarter could signal whether the industrial estate keeps growing as a new revenue stream.
• Brent crude prices and domestic fuel supply: Brent's move toward US$114 per barrel and fuel supply disruptions in some regions could affect AKRA's fuel sales volume and margins in coming quarters.
• Price position versus the 52-week range: AKRA currently trades at Rp1,405, between its 52-week low of Rp1,100 and high of Rp1,595. Moves toward either end of that range are commonly watched as technical reference points, though they don't guarantee future direction.
• Insider activity and global index sentiment: share sales by two directors in September 2026, along with the stock's sensitivity to global index decisions such as MSCI's market status review, could add to short-term liquidity and price volatility.

Competitors on the IDX

• PGAS (Perusahaan Gas Negara): focused on natural gas distribution and transmission, differing from AKRA's larger presence in liquid fuel and chemical distribution.
• DMAS (Puradelta Lestari): a pure industrial estate developer, comparable to AKRA's JIIPE segment but without an energy distribution business.
• ELSA (Elnusa): engaged in upstream oil and gas support services and energy logistics, overlapping with AKRA's logistics side despite a different business model.

Risks

• Revenue concentration: the fuel trading and distribution segment contributes 90.5% of segment revenue with a thin 5.74% margin, making profitability highly dependent on sales volume and procurement cost efficiency.
• Thinning margins: gross margin fell from 8.54% to 7.76% and operating margin from 6.44% to 5.82% year over year in 9M26, signaling cost pressure that outpaced revenue growth.
• Oil price sensitivity: Brent crude's rise to US$114 per barrel could boost sales value but also raises working capital needs and procurement costs, making the profit impact non-linear.
• JIIPE project dependency: management did not raise its 2026 land sales and utility revenue guidance for JIIPE despite 9M26 realization nearing the upper end of target, suggesting a conservative stance or potential slowdown in new industrial tenant demand.
• Dividend policy could shift: management indicated the 2026 final dividend might be held back due to new, unbudgeted investment opportunities, meaning the actual payout ratio could differ from analyst estimates.
• Insider selling activity: two directors sold shares in September 2026, though described as personal divestment and not necessarily a direct signal about business prospects.
• Regulatory risk: AKRA's status as one of the distributors of certain subsidized fuel types (P3JBT) depends on a government appointment valid for a specific period, carrying the risk of future policy changes to subsidized fuel distribution.
• Macro market sentiment risk: the plan to downgrade Indonesia's stock market status to Standalone by MSCI once triggered a gap down in this stock, showing its vulnerability to foreign fund flows and global index sentiment.

How to buy AKRA stock

One lot of AKRA stock equals 100 shares. At Rp1,405 per share as of October 29, 2026, one lot costs around Rp140,500 excluding brokerage fees.

To buy AKRA shares, investors need to open a securities account with a brokerage licensed by Indonesia's Financial Services Authority (OJK) and registered as an exchange member of the IDX. Once the account is active and funded, purchases can be made through a stock trading app by entering the AKRA ticker in the order system.

FAQ

Does AKRA pay dividends regularly?

Yes. AKR Corporindo has a policy of distributing at least 30% of net profit as dividends when net profit exceeds Rp50 billion. It paid an interim dividend of Rp50 per share in August 2026, and the FY2025 final dividend was Rp50 per share.

How much is one lot of AKRA stock?

As of October 29, 2026, AKRA traded at Rp1,405 per share, so one lot (100 shares) costs around Rp140,500 before brokerage fees.

Is AKRA part of the LQ45 index?

According to Kontan's reporting, AKRA has been referred to as a member of the LQ45 index on the Indonesia Stock Exchange.

Why did AKRA's margins shrink despite 43.6% revenue growth in 9M26?

Cost of goods sold grew faster at 44.9% year over year, pulling gross margin down from 8.54% to 7.76%.

How is AKRA different from PGAS or DMAS?

AKRA combines fuel trading and distribution with its JIIPE industrial estate, PGAS focuses on natural gas distribution, while DMAS is a pure industrial estate developer without a fuel distribution business.

Have any AKRA directors sold shares recently?

Yes, based on IDX disclosures cited by Liputan6, directors Bambang Soetino and Nery Polim sold part of their AKRA holdings on September 7-8, 2026 as part of personal divestment.

This article is for informational purposes to support investor research and is not a recommendation to buy or sell AKRA stock.