• ADHI net profit rose 17.98% yoy in 2024
Adhi Karya (ADHI) posted a revenue of IDR 13.35T in 2024 (-33.48% yoy), which was mainly
caused by the engineering and construction business segment, which revenue decreased to
IDR 10.97T from IDR 16.87T in 2023. In line with weakening revenue performance, the cost of
goods fell 33.95% yoy to IDR 11.72T. Thus, gross profit declined 29.91% yoy to IDR 1.62T.
Meanwhile, operating expenses increased 5.27% yoy to IDR 925.95B, which led to operating
profit declining 51.38% yoy to IDR 702.1 billion in 2024. However, after calculating other
expenses and income, ADHI recorded a net profit of IDR 252.49B (+17.98% yoy). This year, the
company is targeting to obtain new contracts of around IDR 27-28T and plans to focus its
contract portfolio on the State-Owned Enterprises (SOE) and private segments in line with
the reduction in the infrastructure budget in the 2025 state budget. (Bisnis Indonesia)
• JSMR net profit declined 33.24% yoy in 2024
Jasa Marga (JSMR) reported IDR 28.70T in revenue (+34.64% yoy). The majority of this revenue
came from the toll segment, contributing IDR 17.18T, followed by construction income of IDR
9.97T, and other business income of IDR 1.54T. However, net profit fell by 33.24% yoy to IDR
4.53T. The decline in net profit was primarily due to differences in non-cash profit
contributions from corporate actions. In 2023, JSMR recorded non-cash profits of
approximately IDR 4.1T from the re-consolidation of subsidiaries and compliance with
Financial Accounting Standards (PSAK) 22 on business combinations. Conversely, in 2024,
the non-cash profit from similar regulatory compliance and re-consolidation activities
amounted to only IDR 834.6B. If the non-cash profit components were excluded, JSMR’s core
profit in 2024 would be IDR 3.7T (+36% yoy). Looking ahead, JSMR continues to work on
several projects in the construction and land acquisition phases, including the Probolinggo-
Banyuwangi, Yogyakarta-Bawen, Solo-Yogyakarta-NYIA Kulon Progo, South Jakarta-
Cikampek II, and Patimban Access toll roads. The capex budget for 2025 is set between IDR
10-12T. (Kontan)
• LPPF allocates IDR 150B to buyback share
Matahari Department Store (LPPF) plans to carry out a share buyback with a maximum
budget of IDR 150B, including brokerage fees and other costs. The share buyback will be
carried out on a maximum of 10% of LPPF’s paid-up and issued capital and will be carried out
on Series C Shares. The buyback would be implemented after approval through the Annual
General Meeting of Shareholders (AGMS), which will be held on 10 Apr 25. The buyback will
take place no later than 12 months from the AGMS. The funds that would be used for the
share buyback were fully sourced from LPPF’s internal funds. The funds also do not come
from the proceeds of a public offering or funds originating from loans and/or other forms of
debt, so they will not have a significant impact on LPPF’s capabilities. (Kontan)
