JAKARTA. PT Jasa Armada Indonesia Tbk (IPCM), a subsidiary of PT Pelabuhan Indonesia (Persero), plans to allocate Rp 224 billion in capital expenditure to purchase 4 tugboats.
Joshua Michael, an analyst for Mirae Asset Sekuritas, said that the move will be a positive catalyst for the company's performance in 2020. "As for FY20, IPCM does not disclose its revenue target, but targets a net profit of Rp 120 billion, "Michael said on Monday (2/12) today.
Michael added that IPCM will rely on the international traffic in the Tanjung Priok port. This port is the company's biggest revenue contributor, reaching 50.4%. "Assuming a net margin of 15%, (the company's) revenue in FY20 is projected to reach Rp 800 billion or grow by 17.1% YoY," explained Michael.
For information, at present IPCM has operated 51 operating fleets of the total of 76. (KR/AR)