Jasa Marga Posts Rp1.62 Trillion Net Profit in 2021, a 222% Increase

PT Jasa Marga (Persero) Tbk (JSMR) reported a net profit of Rp1.62 trillion in 2021. This figure represents a 222% increase compared to 2020, when net profit was Rp501.05 billion.

Since 2017, Jasa Marga's net profit has shown a fluctuating trend. However, the state-owned enterprise experienced a significant decline in net profit following the COVID-19 pandemic in 2020, dropping by 77.3% compared to 2019.

The increase in net profit in 2021 aligns with a 22.8% rise in operating revenue. Specifically, toll revenue reached Rp10.78 trillion, a 23.1% increase from Rp8.76 trillion in the previous year.

Other operating revenue in 2021 amounted to Rp990.1 billion, a 20% increase from Rp824.7 billion in 2020.

JSMR's Corporate Communication, Dwimawan Heru, stated in a written statement (March 21, 2022) that the growth in net profit was a positive impact from the operation of new toll road sections, further supported by increased public mobility throughout 2021.

Furthermore, the company recorded a 28.3% growth in earnings before interest, taxes, depreciation, and amortization (EBITDA), in line with the growth in toll revenue in 2021. The EBITDA margin reached 65.2% thanks to the operation of several new toll road sections and the company's efficiency efforts.

By the third quarter of 2021, Jasa Marga had operated toll roads totaling 55.94 kilometers, including the BORR Toll Road Section IIIA (Simpang Yasmin-Simpang Semplak) spanning 2.85 kilometers, the Cinere-Serpong Toll Road Section I (Serpong-Pamulang) spanning 6.50 kilometers.

Additionally, this includes the Cengkareng-Batuceper Kunciran Toll Road spanning 14.19 kilometers, and the Balikpapan-Samarinda Toll Road Sections I and V (Balikpapan-Samboja) spanning 32.40 kilometers.

To optimize its business portfolio, Jasa Marga continued its asset recycling program throughout 2021 as part of its corporate strategy to balance growth and business sustainability.

One example includes the divestment of a 14% stake in PT Marga Lingkar Jakarta, a subsidiary managing the JORR W2 North Toll Road (Ulujami-Kebon Jeruk), and the divestment of a 9% stake in PT Jasamarga Pandaan Malang, a subsidiary managing the Pandaan-Malang Toll Road.

(See Also: Jakarta Inner City Toll Rates Increased February 26, 2022, Here's the Price List)