DEPOK (eNBe Indonesia) - State toll road operator Jasa Marga (JSMR) booked profit attributable to owners of Rp2.74 trillion in 2022, grew 68.7% year on year (y/y), helped by higher gain on divestment, at Rp2.24 trillion, compared to Rp1.58 trillion in 2021.
Revenues rose 9.9% y/y to Rp16.6 trillion. Revenue from toll operation accounted for Rp12.4 trillion, a 14.8% rise y/y.
JSMR’ cashflow balance sheet turned positive, as it generated net cash of Rp3.5 trillion from operating activities during 2022, while in 2021 the Company used net cash of Rp2.76 trillion on operating activities.
JSMR’ cash and cash equivalent reached Rp8.4 trillion by end December of 2022. JSMR’s total assets reached Rp91 trillion while liability amounted Rp65.5 trillion. Then the equity was Rp25.6 trillion.
JSMR plans to release part of its shareholding in its subsidiary–PT Jasamarga Transjawa Tol– which operates the Trans Java Toll Road, through a private placement to bring in strategic investors.
As reported by Bloomberg on Tuesday (February 14), JSMR could obtain US$300 million in the sale of shares in PT Jasamarga Transjawa Tol. A spokesperson for Jasa Marga said that the private placement plan would be executed in the third quarter (Q3) of 2023.
Jasa Marga have previously agreed on a spin-off or separation of the Trans Java toll road division to its subsidiary, PT Jasamarga Transjawa Tol (JTT).
The spin-off policy is part of the company’s asset refinancing and recycling program. Later, the spin-off will be followed by plans for an initial public offering (IPO) in order to raise funds.
The IPO of subsidiary will support JSMR’s plan to develop new toll roads. This is because there are five toll roads that are in the pipeline with a capital expenditure or capex requirement of Rp42 trillion until 2024.***