JAKARTA. PT Jasa Marga (Persero) Tbk (JSMR), a state-owned company responsible for operating most of the tolls in Indonesia, saw a sharp decline in its net profit by 69.7% year-on-year (yoy) in 2020 to IDR 644.4 billion.
Based on the recently released financial report, JSMR management admitted that this diminishing net profit resulted from lower revenues in several business lines in 2020. The total revenue in 2020 only reached IDR 8.76 trillion, decreasing 13.5% yoy.
To provide further details, the company’s revenue from the toll segment plummeted 13.5% yoy to IDR 8.76 trillion, the construction revenue was down 73.2% yoy to IDR 4.12 trillion, and other business lines’ also dropped 47.57% yoy to IDR 13.7 trillion.
M. Agus Setiawan, JSMR Corporate Secretary, mentioned that in early March, the company still had to implement some strategies to maintain business activities amidst the COVID-19 pandemic. They include evaluating the entire business groups, controlling operational and capital expenses, and negotiating with some financial institutions to enhance the standby facility.
According to idnfinancials.com data, by December 31, 2020, 70% of JSMR shares were controlled by the government. Then, 3.41% were owned by BPJS Ketenagakerjaan, 2.51% by BNYM RE, and 2.20% by PT Taspen (Persero), while public investors owned the remaining 21.88%. (KR/ZH)