Jakarta. Toll road operator Citra Marga Nusaphala (CMNP) has obtained a loan of Rp 600 billion ($38.79 million) from Bank Capital Indonesia (BCI). The capital injection is earmarked for the development of the Wiyoto Wiyono Toll Road, Harbour Road (HBR) II Section, featuring an elevated toll road concept, spanning from East Ancol Toll to Pluit in North Jakarta.

"The funds will be used to finance the construction of the Wiyoto Wiyono Toll Road, Harbour Road II Section (elevated) from East Ancol to Pluit, covering approximately 9.6 km," said Hasyim, the Independent Director of CMNP, in the Indonesia Stock Exchange (IDX) disclosure, on Tuesday

CMNP, which is owned by tycoon Jusuf Hamka, plans to increase its capital expenditure (capex) to Rp 5 trillion for the year 2024. 

Initiated in 2021, the HBR II project development reached 9.43 percent in October 2023, with a target of 12.43 percent by December 2023, and 42.62 percent by December 2024.

Meanwhile, CMNP has completed the on/off ramp 1-2 of the Papanggo Toll Gate, which is part of the Cawang-Tanjung Priok-East Ancol-Jembatan Tiga/Pluit Toll Road section. The Papanggo Toll Gate serves as an alternative access point to Soekarno Hatta Airport and Pluit, as well as an exit route to Warakas, an alternative route to Jakarta International Stadium (JIS).

In addition to the HBR II project, CMNP is also working on the Antasari-Depok-Salabenda toll road, which is currently in the land acquisition stage. This project is expected to be completed in the first quarter of 2026 and integrated with the Bogor Ring Road toll road section, connecting South Jakarta and West Java.

The company is targeting a 9.9 percent revenue growth, reaching Rp 3.9 trillion in 2024, supported by increased traffic in the group's toll sections. Hasyim recently informed Investor Daily that, on the other hand, net profit in 2024 is expected to decrease to Rp 825 billion, primarily due to the interest burden of loans related to the construction of the Cileunyi-Sumedang-Dawuan toll road project (Cisumdawu) Toll Road.