Share divestment boosts Jasa Marga’s net profit

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Publicly listed toll road operator PT Jasa Marga reported 30 percent growth in its bottom line in the first six months of the year, thanks to the increasing number of vehicles using its toll roads and gains from selling shares in a former subsidiary.

The company booked Rp 925.13 billion (US$98.06 million) in net profit in the first semester of the year, a 30 percent jump from the Rp 710.83 billion in the same period last year.

“The net profit was supported by an increase in revenue as we saw higher traffic volume. Moreover, we also performed efficiency measures, which saw the net profit grow higher than our revenue’s growth,” Jasa Marga finance director Reynaldi Hermansyah said on Friday.

Jasa Marga reaped Rp 3.27 trillion in total revenue during the January to June period, increasing by 15 percent compared to Rp 2.84 trillion in the same period last year. With income solely from the toll road business, the company saw 18 percent growth to Rp 2.69 trillion, or 82 percent of its total revenue in the first half.

Transaction volume reached 583.86 million vehicles in the first six months of the year, a 11.52 percent surge year-on-year.

Jasa Marga enjoyed Rp 176.42 billion non-operational income, which particularly came from selling shares in another toll road operator, PT Citra Marga Nusaphala Persada, Reynaldi said. Jasa Marga previously held a significant number of shares in Citra Marga. However, Jasa Marga decided to divest the shares gradually, which was part of the company’s effort to off-load minority shares.

The company pocketed Rp 146.96 billion from selling the remaining 4 percent stake in Citra Marga in the second quarter. In the same period, Jasa Marga also sold its treasury stocks and gained Rp 130.82 billion, which was stated in its balance sheet.

Jasa Marga’s total assets were worth Rp 22.03 trillion at the end of the first quarter. Its liabilities stood at Rp 13.03 trillion, while equity was Rp 8.9 trillion at the end of June.

Edwin Sebayang of MNC Securities said that Jasa Marga’s first-half performance was excellent. He projected that the company would reap Rp 5.75 trillion in revenue by year-end and Rp 1.53 trillion in net profit.

Jasa Marga currently operates several toll roads nationwide, including Cawang-Tomang-Cengkareng, Jakarta-Cikampek, Purbaleunyi, Jakarta Outer Ring Road, Jagorawi, Jakarta-Tangerang, Surabaya-Gempol, Palikanci, Belmera and Semarang.

The company is also working on new toll road development. Earlier this year, the company’s subsidiaries obtained loans for toll road development.

—JP/ Raras Cahyafitri