Temas Profit Falls 6.8% to Rp 406.5 Billion in Nine Months, Hit by Weaker Shipping Revenue
Key Takeaways
|
JAKARTA, Investortrust.id — Shipping company PT Temas Tbk, or TMAS, has recorded a 6.8% year-on-year decline in net income to Rp 406.5 billion for the nine months ended Sept 30, 2025, down from Rp 436.3 billion in the same period last year, as its service revenue weakened slightly amid cost pressures in the maritime logistics sector.
The company’s earnings per share also slipped from Rp 7 to Rp 6, reflecting the lower profit level.
TMAS booked total service revenue of Rp 3.19 trillion as of the third quarter, compared with Rp 3.23 trillion a year earlier. The modest decline in revenue was accompanied by a marginal drop in service expenses to Rp 2.63 trillion from Rp 2.55 trillion, as the company continued to optimize operational efficiency.
As a result, gross profit fell to Rp 567.8 billion from Rp 673.5 billion in the same period last year. Operating profit reached Rp 522.9 billion, relatively stable compared with Rp 529.1 billion in the corresponding period of 2024.
After accounting for financial expenses of Rp 58.9 billion and income tax charges of Rp 32.2 billion, TMAS reported a pre-tax profit of Rp 438.7 billion. Management said the company would continue focusing on asset optimization and cost efficiency amid industry-wide headwinds and volatile freight rates.
“Operational efficiency and fixed-asset optimization remain our main focus to maintain profitability and competitiveness amid the dynamics of the national shipping industry,” the management stated.
Earlier this year, on Monday, Mar 24, 2025, President Director Ricky Effendi announced that the company would distribute dividends of Rp 228.2 billion, equivalent to Rp 4 per share, from its 2024 net profit.
On the market, TMAS shares have remained largely flat at around Rp 129 per share year to date. Over the past 12 months, the stock has fallen more than 11%, weighed down by the decline in financial performance and muted investor sentiment in the logistics sector.
Valuation and Market Outlook
At Rp 130 per share, PT Temas Tbk (TMAS) currently trades near the midpoint of its 52-week range of Rp 115 to Rp 155, signaling stability despite industry headwinds. InvestingPro models place the company’s fair value at an average of Rp 124.33, implying the stock is fairly valued with limited downside risk and low uncertainty, a key strength for long-term investors in the volatile marine transportation sector.
Source: InvestingPro. Data are current as of the time of publication.
The market spread between Rp 94.63 and Rp 140.94 shows that TMAS continues to maintain a healthy valuation buffer, supported by solid fundamentals and consistent profitability. While analysts have yet to issue new target updates, the company’s low earnings multiple and strong positioning in the marine transportation industry suggest room for rerating once freight rates stabilize.
Financially, TMAS maintains a balanced health profile, showing above-average performance in profitability health (score 4/5) and relative value (score 4/5) — indicators of sustainable returns and efficient capital management. These strengths offset temporary weakness in growth momentum, positioning the stock favorably among Indonesia’s industrial transport peers.
TMAS’s combination of defensive valuation, resilient earnings base, and asset optimization focus makes it an appealing medium-term play for investors seeking exposure to Indonesia’s logistics and shipping recovery story.