Indonesia’s Jasa Marga to Issue Two-Debt Instruments worth US$140M in 2019
(Photo: Jasa Marga)

JAKARTA (TheInsiderStories) – Indonesian toll-road developer, PT Jasa Marga Tbk (IDX:JSMR) to publish coupon and zero coupon bonds, with total amount Rp2 trillion (US$140.84 million) this year. The two-debt instruments issuance are intended to provide a company’ funding cost, said the company on Monday (05/06).

This year the state-owned firm planned to spend around Rp27 trillion to develop a new toll road projects by participating in a number of toll road tenders. Beside toll roads, Jasa Marga also intended to develop the area on the toll road corridor through its subsidiary, PT Jasamarga Properti, which is engaged in the property sector.

The unit has signed an agreement with other property developers, PT Puradelta Lestari Tbk (IDX: DMAS)  and PT HK Realtindo to develop the area in the Jakarta-Cikampek South Toll Road Corridor.

Beside from bond issuance, Jasa Marga will funded the project with bank loans. Recently the company has signed a syndicated credit agreement with a total amount of Rp30.03 trillion for the construction of the Kunciran-Serpong Toll Road, Jakarta-Cikampek II Elevated, Bogor Ring Road, Balikpapan-Samarinda and Batang-Semarang toll road projects.

In the shareholders meeting held yesterday (05/06), the toll-road operator announced to distribute cash dividends worth Rp330.39 billion or 15 percent of the company’ net profit of Rp2.2 trillion in the 2018 period.

Last year, Jasa Marga’ revenues, outside construction businesses, worth of Rp9.78 trillion, rose 9.67 percent from 2017. The contributions from toll revenues valued at Rp9.04 trillion, up 9.12 percent from 2017. While, other operating revenues were Rp748.12 billion, up 16.82 percent from 2017.

In addition, Jasa Marga also maintained the EBITDA growth of Rp6.02 trillion or grew by 9.89 percent from 2017, while EBITDA margin was 61.56 percent.

In 2018, Jasa Marga has operated seven new toll roads with a length of 318.75 Km, so that by the end of 2018 has managed to operate a total of 1,000 km of toll roads.

The seven new toll roads namely Medan-Kualanamu-Tebing Segment Tanjung Morawa Interchange-SS Parbarakan with a length of 10.75 Km, Bogor Ring Road Toll Segment Kedung Badak-Simpang Yasmin is 2.65 Km, Batang-Semarang toll road is 75.00 Km, and Semarang-Solo-Salatiga-Kartasura toll road segment is 32.65 Km.

In addition, there is the operation of the Solo-Ngawi toll road along 90.43 Km, the Ngawi-Kertosono-Kediri toll road segment along 87.02 Km and the Rembang-Pasuruan (Grati) segment with a length of 20.25 Km.

With the operation of the new toll roads, Jasa Marga contributed significantly to the connection of the Trans Java Toll Road from Merak to Pasuruan (Grati), where Jasa Marga has operated 584 km or 62 percent of the currently total Trans Java Toll Road at 944 Km.

In addition to toll road operations, in 2018 Jasa Marga also improved the performance of other business businesses, included the traffic service and transaction service business through PT Jasamarga Tollroad Operator which has operated a toll road of 747.82 Km.

Second, the toll road maintenance and construction service business through PT Jasamarga Tollroad Maintenance that has carried out toll road maintenance to fulfill 199.30 km of Minimum Service Standards.

Finally, Jasa Marga is also engaged in property investment and improvement of Rest and Service Areas through PT Jasamarga Properti , including property development in the toll road area of ​​971,824 square-meters, located in all Rest Areas, outside property development toll road corridor of 159,309 square-meters.

US$1 = Rp14,200

Written by Daniel Deha, Email: daniel@theinsiderstories.com