Jakarta. State-owned toll road operator Jasa Marga recorded a 28.55 percent increase in total revenue, soaring from Rp 16.58 trillion ($1.05 billion) in 2022 to Rp 21.31 trillion in 2023, primarily propelled by increased traffic and newly established toll road sections.

The company witnessed a 147.37 percent surge in net profit year on year, reaching Rp 6.74 trillion compared to the previous year's Rp 2.74 trillion.

The major share of Jasa Marga's revenue is attributed to toll road operations, showcasing a growth of 12.09 percent, from Rp 12.44 trillion to Rp 13.94 trillion. Further contributing to the revenue was income from other business segments, escalating from Rp 1.33 trillion in 2022 to Rp 1.61 trillion in 2023.

Lisye Octaviana, Head of Corporate Communication and Community Development Group at Jasa Marga, elaborated that the EBITDA for 2023 surged by 14.2 percent, reaching Rp 9.9 trillion. This upswing is attributed to the commencement of operations on newly established toll road sections, enhancing connectivity within the Jasa Marga Group's toll road network.

"This growth is harmonized and fine-tuned with Jasa Marga's adeptness in managing the expansion of operational costs and ensuring business cost-effectiveness," Lisye said on Monday.

Throughout 2023, Jasa Marga reported a surge in the average daily traffic (ADT) on its toll roads. The ADT on the Jasa Marga Group toll roads reached 3.5 million vehicles daily, reflecting a 5.3 percent increase compared to the ADT of the previous year.

Maintaining its stronghold as the market leader in the toll road industry, Jasa Marga operates toll roads spanning a total length of 1,264 km, representing 47 percent of the toll roads in operation across Indonesia.

This includes the addition of the Serpong-Cinere Toll Road Section 2 from Pamulang to Cinere, covering 3.64 km and managed by Cinere Serpong Jaya (CSJ) since December 22, 2023.

The company owns toll road concessions totaling 1,736 km throughout Indonesia. This figure encompasses the latest concession, the Patimban Access Toll Road, spanning 37.05 km and managed by a subsidiary, Jasamarga Akses Patimban (JAP).

Currently, the company, trading under the stock code JSMR, is actively involved in several ongoing projects, including the Jakarta-Cikampek II South Toll Road, the Patimban Access Toll Road, the Yogyakarta-Bawen Toll Road, the Solo-Yogyakarta-NYIA Kulonprogo Toll Road, and the Probolinggo-Banyuwangi Toll Road.