State-owned toll road operator PT Jasa Marga booked no growth in profit last year despite double-digit growth in toll revenue and gains from divestments.
The country’s biggest toll road operator booked Rp 2.21 trillion (US$145.5 million) in net profit last year, up a mere 0.2 percent year-on-year (yoy), even though its toll income surged 12.11 percent yoy to Rp 10.13 trillion, its financial statement shows.
Jasa Marga attributed the surge in the toll revenue to the operation of new toll roads.
“Revenue from the new toll roads that started operations between 2016 to 2019 has contributed to the growth in toll revenue,” Jasa Marga corporate secretary M. Agus Setiawan said in the statement on Thursday.
The firm operated six new toll roads last year, including new sections of the Medan-Kualanamu-Tebing Tinggi road in North Sumatra, of the Pandaan-Malang in East Java,as well as of the Balikpapan-Samarinda road in East Kalimantan.
The company operated an additional 161.58 kilometers of toll roads last year, bringing its total operational toll roads to 1,162 km.
“Jasa Marga consistently expands to maintain continuous business growth,” Agus added.
The company’s gains from divestments last year, which surged by 17.17 percent to Rp 1.03 trillion, didn’t help to increase profit but prevented what would otherwise have been a drop in profit.
The company failed to increase profit last year as its revenue contracted by 28.75 percent to Rp 26.35 trillion, due to plunging construction revenue, as the company had completed many of its toll road projects.
The company did, however, record a rise in earnings before interest, tax, depreciation and amortization (EBITDA) of 14.26 percent yoy to Rp 6.88 trillion.