Jakarta. State-owned toll road operator Jasa Marga (IDX: JSMR) closed 2024 with a 20.32 percent year-on-year (yoy) revenue increase to Rp 18.73 trillion ($1.14 billion), driven by toll road earnings of Rp 17.19 trillion and other operating income of Rp 1.54 trillion. The company’s EBITDA rose 27.3 percent yoy to Rp 12.62 trillion, while core profit jumped 36 percent to Rp 3.7 trillion.

According to Corporate Secretary & Chief Administration Officer Ari Wibowo, Jasa Marga’s EBITDA margin strengthened to 67.38 percent, supported by the consolidation of three toll road sections: Semarang-Batang, Solo-Ngawi, and Ngawi-Kertosono. The company remains the majority owner of Jasamarga Transjawa Toll, with a 65 percent stake.

"Our financial consolidation strategy has improved solvency, reducing the interest-bearing debt-to-equity ratio (DER) to 1.04x, while the interest coverage ratio (ICR) rose to 3.13x. With a consistently growing EBITDA, the company’s debt-to-EBITDA ratio strengthened from 6.9x in 2023 to 4.7x in 2024," Ari said in a statement on Tuesday.

Jasa Marga reported a 0.8 percent yoy increase in total toll road transactions to 1.3 billion vehicles in 2024, with an average daily traffic volume of 3.56 million vehicles. The company maintained a 43 percent market share in Indonesia’s toll road sector, operating 1,286 km of toll roads and holding concessions for 1,736 km.

During 2024, Jasa Marga advanced multiple projects in construction and land acquisition, including the Probolinggo-Banyuwangi, Yogyakarta-Bawen, Solo-Yogyakarta-YIA Kulon Progo, Jakarta-Cikampek II Selatan, and Patimban Access toll roads. The company also inaugurated two new sections: the 3.64-km Cinere-Serpong (Pamulang-Cinere) and the 22.3-km Solo-Yogyakarta-NYIA Kulon Progo (Kartasura-Klaten) toll roads.

"With a stronger financial structure, the company remains confident in maintaining its position as the market leader in Indonesia’s toll road industry," Ari concluded.

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