Jasa Marga: Company Profile of Indonesia's Leading Toll Road Operator
Jasa Marga is a state-controlled toll road operator that constructs and provides toll road services in Indonesia. Approximately 73 percent of total toll roads in Indonesia are operated by Jasa Marga, which makes this company the dominant player in Indonesia's toll road sector. Up to the end of 2012, the company has 22 toll road concessions - with a total length of 545 kilometer - in operation and 193 kilometer of toll road that is expected to become operational between 2013 and 2016.
In the first six months of 2013, the company posted a 17.7 percent fall in net profit year-on-year to IDR 760.5 billion (USD $73 million), mainly due to higher operating expenses.
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Jasa Marga's Financial Highlights:
| 2008 | 2009 | 2010 | 2011 | 2012 | |
| Revenue | 3,353.6 | 3,692.0 | 4,378.6 | 6,485.8 | 9,070.2 |
| Gross Profit | 1,371.6 | 1,516.2 | 1,988.2 | 2,330.5 | 2,975.2 |
| Net Profit | 707.8 | 992.7 | 1,193.5 | 1,196.3 | 1,602.1 |
| EBITDA | 1,807.4 | 2,022.2 | 2,555.2 | 3,137.8 | 3,876.8 |
| Total Assets | 14,642.8 | 16,174.3 | 18,952.1 | 20,915.9 | 24,753.6 |
| Total Liabilities | 7,758.9 | 8,359.5 | 10,592.7 | 12,555.4 | 14,965.8 |
| Earnings per Share¹ | 104,11 | 146,50 | 176,14 | 176,56 | 235,91 |
| Cash Dividend per Share¹ | 52,23 | 87,91 | 105,69 | 78,88 | TBA |
| P/E Ratio (x) | - | - | 33.7 | 23.8 | 26.3 |
in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: Jasa Marga, Annual Report 2012
Future Projection Jasa Marga's Financial Highlights:
| 2013F | 2014F | |
| Revenue | 6,295.0 | 7,495.0 |
| EBITDA | 3,779.8 | 4,553.6 |
| Earnings per Share¹ | 226 | 251 |
| P/E Ratio (x) | 24.1 | 21.7 |
in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: Credit Suisse Securities