Jakarta. ITSEC Asia (IDX: CYBR), Indonesia’s first publicly listed cybersecurity company, reported a sharp increase in second-quarter profit as revenue grew 21% year-on-year on stronger project deliveries.

The company recorded calculated revenue of Rp 115.03 billion ($6.5 million) in the second quarter of 2026, up from Rp 95.05 billion in the same period last year.

Calculated profit before tax surged 1,407% to Rp 22.69 billion from Rp 1.51 billion, lifting the pretax margin to 19.7% from 1.6%.

Gross profit rose 12% to Rp 52.09 billion from Rp 46.52 billion, while operating profit jumped 1,171% to Rp 23.01 billion from Rp 1.81 billion. The operating margin consequently increased to 20% from 1.9%.

President Director Patrick Dannacher attributed the improvement to stronger project execution and the timing of key project deliveries during the quarter.

“Our second-quarter performance reflects continued revenue growth and the timing of key project deliveries in the period,” Dannacher said in a statement. “Revenue increased by 21% year-over-year while we saw a substantial improvement in operating profit and profit before tax.”

He said the company would focus on sustaining the momentum and improving delivery margins as the business expands.

Despite the stronger second-quarter performance, revenue for the first half of 2026 declined to Rp 201.2 billion from Rp 230.4 billion a year earlier. Net profit stood at Rp 34.3 billion, compared with Rp 36.7 billion in the first half of 2025.

The first-half financial statements also recorded an income tax benefit of Rp 28.9 billion. ITSEC Asia said project delivery was expected to be more heavily weighted toward the second half of the year.

The company’s balance sheet strengthened during the first six months of the year. Total assets reached Rp 485.4 billion as of June 30, up from Rp 416.5 billion at the end of December 2025, while total equity increased to Rp 312.4 billion from Rp 256.2 billion.

ITSEC Asia has also expanded its partnerships with state-owned enterprises as it seeks to tap growing demand for cybersecurity services.

In July, the company signed a memorandum of understanding with Industri Telekomunikasi Indonesia (INTI), covering cybersecurity solutions, security operations center development, and talent training through its academy. The agreement also includes potential access to state-owned, provincial and regional government buyers.

The company also signed an MoU with Len Industri, the holding company of the state-owned defense industry group DEFEND ID, to provide cybersecurity capabilities in support of its C4ISR/C5ISR mandate.

ITSEC Asia said it continued to see opportunities in the corporate, state-owned enterprise and government sectors as demand for protection of digital systems and infrastructure increased.

The company is also developing cybersecurity and artificial intelligence talent through the ITSEC Cyber & AI Academy, citing a growing need for professionals with technical expertise in both fields as organizations accelerate digital adoption.

ITSEC Asia said the development of Indonesia’s cybersecurity regulatory framework could further support market demand. The Cyber Security and Resilience Bill (RUU KKS) currently under deliberation, is expected to expand cybersecurity obligations covering critical infrastructure and its supporting ecosystem.

The company also gained inclusion in the IDX SMC Liquid Index (IDXSMC-LIQ) on Aug. 5 following the latest index evaluation. The inclusion reflects improved trading liquidity and could increase the stock’s visibility among institutional investors.

“Entering the second half, our focus is to convert those opportunities into projects that can be executed well and contribute to healthy growth,” Dannacher said. “We will also continue building our capabilities in cybersecurity, AI and talent development as part of ITSEC Asia’s long-term growth."

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