Due To WFH And PSBB, Jasa Marga's Net Profit Drops 77 Percent In 2020

Illustration. (Photo: Doc. Antara)

JAKARTA - In the midst of the COVID-19 pandemic, the toll road manager of PT Jasa Marga (Persero) Tbk posted a net profit of IDR 501.5 billion last year. This issuer coded JSMR shares recorded a decline in profit of 77.30 percent compared to the 2019 performance of IDR 2.2 trillion.

PT Jasa Marga (Persero) Tbk Corporate Secretary M Agus Setiawan said Jasa Marga remains consistent in maintaining business performance in 2020 amid the COVID-19 pandemic which also impacts the company's business and increases interest expense along with the operation of new toll roads.

Meanwhile, said Agus, the company will also be able to maintain its EBITDA margin to remain stable in 2020 at 62.42 percent by carrying out various efficiencies to compensate for the decrease in traffic volume and toll revenues as a result of the implementation of the Work From Home (WFH) policy and Large-Scale Social Restrictions (PSBB).

"(The implementation of this policy) in various regions in the second and third quarters of 2020, which resulted in a decrease in the company's toll revenues in 2020 to Rp8.76 trillion. The company's EBITDA in 2020 was recorded at Rp5.98 trillion," he said in a statement. officially received by VOI, Tuesday, March 30.

In addition, Agus said, along with the operation of several new toll roads in 2020, the company's total assets were recorded at IDR 104.08 trillion. This figure grew by 4.4 percent when compared to 2019.

In terms of funding to support liquidity, Agus said the company issued Jasa Marga's Phase I sustainable bonds on September 8, 2020, valued at IDR 2 trillion. Meanwhile, the incoming demand for the Second Continuous Bonds reached IDR 2.7 trillion, exceeding the value offered.

Furthermore, Agus said, the proceeds from the bond issuance will be used, among others, for working capital, toll road maintenance, improvement of facilities and other toll road support facilities.

"To add to the diversification of its funding products, the company issued commercial paper with the name of the SBK I PT Jasa Marga (Persero) Tbk 2020 (SBK Jasa Marga) instrument for the first time with a value of Rp566 billion, which is registered with Bank Indonesia (BI)," he explained.

With the successful issuance of Jasa Marga's SBK, said Agus, the company has also succeeded in increasing its funding portfolio and new investor base which will have an impact on the company's competitive cost of debt in supporting future growth.