Jakarta. State-owned toll road operator Jasa Marga (JSMR) saw its net profit more than double in the first half of 2024, reaching Rp 2.35 trillion ($152.42 million), a 104.32 percent increase. This surge was largely driven by higher traffic during the Eid Al-Fitr holidays in April.

Haning Pangastuty, Senior Group Head of Corporate Finance & Investor Relations, attributed the profit rise to new tax regulations that added Rp 600.41 billion in deferred tax income. Even without this, the company’s core profit rose 52.05 percent to Rp 1.75 trillion.

“This growth shows our strong financial performance, boosted by increased traffic and the Eid holiday impact,” Haning said during the Public Expose Live 2024.

Jasa Marga, leading the toll road sector with 1,264 km of roads—45 percent of Indonesia’s toll network—is working on five new projects, including Jakarta-Cikampek II Selatan and Jogja-Solo. The Jogja-Solo Toll Road (Kartasura-Klaten) is set to open by the end of 2024.

“Our focus on operating and maintaining toll roads through our subsidiaries JMTO and JMTM aims to grow our market share,” Haning added.