H1/2023 performance: A ray of light for transportation issuers
This article has been translated by PwC Indonesia as part of our Indonesia Infrastructure News Service. PwC Indonesia has not checked the accuracy of, and accepts no responsibility for the content.
Bisnis Indonesia - Kinerja semester I/2023: Titik cerah emiten transportasi
3 August 2023
By: Rizqi Rajendra
Jakarta - The revenue growth of most issuers in the transportation and logistics sector in the first half of 2023 is a ray of hope that will boost their performance in the second half of this year.
In this sector, two airline issuers collectively increased their revenue throughout January-June 2023. The revenue of PT Garuda Indonesia (Persero) Tbk (GIAA) increased by 58.85% year-on-year (YoY) to US$1.39 billion, while the revenue of PT AirAsia Indonesia Tbk (CMPP) skyrocketed by 166.18% YoY to Rp3.04 trillion.
Not only air transportation issuers, the taxi issuer PT Blue Bird Tbk (BIRD) also logged thicker revenue in the first half of this year. BIRD’s revenue increased by 35.14% YoY to Rp2.09 trillion.
In the expedition logistics sector, PT Putra Rajawali Kencana Tbk (PURA) and PT Guna Timur Raya Tbk (TRUK) collectively grew their top line 78.94% and 10.96% YoY respectively in the first half of 2023.
However, issuers in the transportation and logistics sector logged a varied profitability. BIRD’s profit surged by 77.49% YoY to Rp259.45 billion, while the net profit of PT Steady Safe Tbk (SAFE) surged by 131.04% YoY to Rp9.75 billion.
On the contrary, GIAA logged a net loss of US$76.5 million, while the net profit of PT Adi Sarana Armada Tbk (ASSA) declined by 40% YoY to Rp69.57 billion in the first six months of 2023.
Garuda Indonesia President Director Irfan Setiaputra revealed that an on-track performance recovery would accelerate the company’s performance.
“After completing the restructuring, we see that the performance recovery must be carried out prudently and in a measured manner to focus on the long-term profitability to optimally maintain Garuda Indonesia’s business continuity,” Irfan explained in his official statement that was quoted on Wednesday (2/8).
On a separate occasion, ASSA President Director Prodjo Sunarjanto said that each of the company’s business pillar could still grow until the end of 2023 in line with the growth of the rental business and the used car sales business.
“Meanwhile, for AnterAja’s business segment, in line with the ongoing capacity right sizing process, the company is adjusting its capacity to logistics needs so that business operation will be more efficient,” Prodjo said in his statement that was quoted on Wednesday (2/8).
He said that AnterAja’s performance would continue to recover until the end of the year compared to 2022 as there are several efficiency and shake-up actions to provide business-to-business (B2B) services in the future.
