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Jasa Marga profit slumps 77% in 2020 due to PSBB, ahead of 2021 'mudik' ban
Following a 77.37 percent decline in its 2020 net profit, attributed primarily to COVID-19 and attendant restrictions, the country’s leading toll road operator may see another dip in toll road revenue this year as the government renews the mudik ban over Idul Fitri.
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Police officers manage traffic on the Cikampek toll road in Karawang, West Java on Oct. 28, 2020, the first day of a five-day holiday weekend over which Jakarta saw a sudden increase in outbound traffic. (Antara/M. Ibnu Chazar)
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eading toll road operator PT Jasa Marga saw its net profit quartered and its revenue halved in 2020 as road traffic dropped due to the government’s work at home policy and other restrictive measures to stem COVID-19 transmission.
The publicly listed state-owned company recorded net profit of Rp 501.05 billion (US$34.32 million) last year, down 77.37 percent from net profit in 2019, according to the latest financial statement the company submitted to the Indonesia Stock Exchange (IDX).
Jasa Marga saw stagnant net profit even before the health crisis, recording year-on-year (yoy) growth of a mere 0.2 percent to Rp 2.21 trillion in 2019.
Read also: Jasa Marga profit stagnates in 2019 despite double-digit toll revenue growth
“Jasa Marga remained consistent in maintaining the company’s performance in 2020 amid the COVID-19 pandemic that battered our business and raised our interest expense as we started operating new toll roads,” the company said in a press release on Tuesday.
The government declared the COVID-19 public health emergency last March, followed by gradual imposition of the large-scale social restrictions (PSBB) in April and a ban on mudik (exodus) during Idul Fitri 2020 in response to rising numbers of coronavirus cases and deaths, especially on the densely populated islands of Java and Bali.
With road traffic down and despite operating new toll roads, Jasa Marga saw its toll road revenue, the major contributor to its earnings, shrink 13.52 percent yoy to Rp 8.76 trillion and halve total revenue to Rp 13.7 trillion last year.
