Jasa Marga's Net Profit Soars 147.32 Percent In 2023, A Year Raises IDR 6.8 Trillion

JAKARTA - PT Jasa Marga (Persero) Tbk (JSMR) posted a net profit of IDR 6.8 trillion throughout 2023. This achievement increased by 147.32 percent compared to 2022.

The company also recorded a core profit profit of IDR 2.6 trillion, an increase of 196.7 percent from the previous year's core profit.

Jasa Marga's Corporate Communication and Community Development Group Head Lisye Octaviana said that the net profit achievement of IDR 6.8 trillion was largely supported by the buyback of the Limited Participation Fund Participation Unit (RDPT) Mandiri Trans Java Equity Infrastructure (MIET) in a number of entities.

These entities include PT Jasamarga Semarang Batang (JSB), PT Jasamarga Solo Ngawi (JSN) and PT Jasamarga Ngawi Kertosono Kediri (JNK) through the acquisition of shares of PT Lintas Marga Jawa (LMJ) by PT Jasamarga Transjawa Tol (JTT) in July 2023.

In addition to RDPT MIET, in October 2022, Jasa Marga has also divested the MBZ Flyover which is managed by PT Jasamarga Jalanlayang Cikampek (JJC). These two corporate actions affect the company's performance year on year (YoY).

"So, the company's core profit throughout 2023 is IDR 2.7 trillion, an increase of 196.7 percent from the previous year's core profit. This shows that without taking into account the two corporate actions in question, the company can still improve its performance and financial health compared to last year," Lisye said as quoted from Jasa Marga's official website, Tuesday, March 5.

In addition, Lisye said that the company's positive performance improvement was also reflected in the achievement of operating income of IDR 15.6 trillion or grew 12.9 percent.

This achievement is a contribution from the performance of toll revenue of IDR 14.0 trillion, which increased 12.1 percent from 2023 and the contribution of other operating income performance of IDR 1.6 trillion, an increase of 20.9 percent from the previous year.

Lisye added that the company's EBITDA realization also increased, reaching Rp9.9 trillion or growing 14.2 percent from 2022 with the realization of EBITDA Margin reaching the level of 63.7 percent.

This amount has also increased from the previous year in the midst of the operation of new toll roads that increase connectivity between Jasa Marga Group toll roads which has become a positive catalyst for the increase in the company's traffic volume.

"This is also balanced and optimized with the company's ability to control operational load growth and maintain business expenses efficiency," he said.

Throughout 2023, the company also recorded an increase in average daily traffic (LHR) on Jasa Marga Group toll roads. The realization of LHR on the Jasa Marga Group toll road reached 3.5 million vehicles per day, an increase of 5.3 percent compared to last year's LHR.

"The company still holds a market leader position in the toll road industry with a total length of Jasa Marga Group toll roads that have operated 1,264 kilometers (km) which represents 47 percent of toll roads operating throughout Indonesia," said Lisye.

This number includes the addition of the operation of the Serpong-Cinere Toll Road Section 2 of the 3.64 km Pamulang-Cinere section since December 22, 2023, which is managed by PT Cinere Serpong Jaya (CSJ).

Meanwhile, the company's total toll road concessions reached 1,736 km throughout Indonesia. The number of concessions includes the addition of the latest concessions obtained by the company, namely the 37.05 km Patimban Access Toll Road managed by PT Jasamarga Access Patimban (JAP).

Currently, the company has several ongoing projects, namely, the Jakarta-Cikampek II South Toll Road, Patimban Access Toll Road, Yogyakarta-Bawen Toll Road, Solo-Yogyakarta-NYIA Kulonprogo Toll Road and Probolinggo-Banyuwangi Toll Road.

"The company is focused on synergizing three business lines, namely toll road concession business lines, operating business lines through PT Jasamarga Tollroad Operator (JMTO), toll road preservation business lines through PT Jasamarga Tollroad Maintenance (JMTM) and prospective business lines through PT Jasamarga Related Business (JMRB) to improve and optimize the entire company value chain," he said.

According to Lisye, Jasa Marga is also improving its performance by innovating the development of the Intelligent Transport System (ITS) which functions to manage toll road traffic services as well as becoming a source of integrated traffic information centers that continues to be improved through the Jasamarga Integrated Digitalmap (JID) super-app.

"This JID is operated at the Jasamarga Tollroad Command Center (JMTC). Furthermore, Jasa Marga has also launched the Jasa Marga Integrated Maintenance Management System (JIMMS) application to improve the control of toll road preservation services in real-time," he added.