Jasa Marga (JSMR) Books Higher Revenue of Rp 21.83 Trillion as Toll Business Expands
Key Takeaways
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JAKARTA, investortrust.id — Toll-road operator PT Jasa Marga Tbk, or JSMR, has reported higher revenue and operating profit for the first nine months of 2025, even as its net income fell to Rp 2.72 trillion, down 17.6% year-on-year, due to a sharp rise in income tax expenses.
Revenue climbed 8.2% to Rp 21.83 trillion through September 2025 from Rp 20.17 trillion in the same period last year, driven mainly by toll-road income of Rp 13.42 trillion, followed by other business segments and construction services.
The company’s gross profit rose 7.5% to Rp 8.73 trillion from Rp 8.12 trillion a year earlier, reflecting improved traffic volumes and operational efficiency. General and administrative expenses were relatively contained at Rp 1.63 trillion, while financial expenses grew 25.5% to Rp 234.48 billion from Rp 186.85 billion.
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Operating profit strengthened 6.8% to Rp 7.23 trillion compared with Rp 6.77 trillion in the same period last year, underscoring resilient core performance amid stable cost controls. However, income tax expenses jumped 1,554% to Rp 1.21 trillion from Rp 73.12 billion, significantly reducing bottom-line earnings.
Consequently, profit for the period slipped 7.8% to Rp 3.65 trillion from Rp 3.96 trillion, while net profit attributable to owners of the parent company fell 17.6% to Rp 2.72 trillion from Rp 3.30 trillion. This translated into a decline in earnings per share (EPS) of 17.3%, from Rp 454.74 to Rp 375.95.
In a recent shareholders’ meeting, Jasa Marga approved a dividend payout of Rp 1.13 trillion, equivalent to 25% of the previous year’s net income, reaffirming its commitment to maintaining shareholder returns despite the tax-driven earnings contraction.
Disclaimer: This valuation is derived from InvestingPro models and analyst consensus as of late October 2025. It is provided for informational purposes only and does not constitute investment advice or a recommendation to buy, hold, or sell any security. Market prices and financial data are subject to change without notice.
Valuation
Based on data from InvestingPro, Jasa Marga (JSMR) is currently trading at Rp 3,760 per share, near the lower end of its 52-week range between Rp 3,200 and Rp 4,870. The platform’s fair-value models place the average intrinsic value at Rp 4,186 per share, implying an upside potential of around 11.3% from the current price.
Twelve analysts surveyed project an average target price of Rp 5,097, with a consensus range of Rp 4,000–Rp 6,200, indicating a generally bullish outlook supported by solid fundamentals and stable toll revenue growth. Jasa Marga’s valuation also reflects strong free-cash-flow yield, robust gross profit margins, and a relatively low earnings multiple compared with peers in Indonesia’s infrastructure sector.