Public listed company PT Jasa Armada Indonesia Tbk (JAI/IPCM) enjoyed a 70% profit rise last year (2021). JAI booked net profit of Rp137 billion, from Rp80 billion in 2020, thanks to the increasing revenue and cost efficiency strategy.
Commending such achievement, JAI President Director Amri Yusuf said: “We are in this position as we have continued to expand to the new market on one hand, while on the other hand we maintain our existing market.”
With such approaches, JAI, Amri said, successfully added some pipelines in 2021. “In addition to having added four tugboats of 2×2200 HP (horse power), we have also started the process of adding another tugboat of 2× 2200 HP and three pilot boats of 2×300 HP to support this market expansion,” Amri said.
JAI financial statement reported that the company booked revenue of Rp820 billion in 2021, increasing 18% from Rp697 billion in 2020.
This income is derived from ship services, transportation services, and ship management services. Among those income sources, ship services of towage and pilotage contributed the highest. Towage service created income of Rp 718 billion or around 87.6% of JAI’s total revenue. Income from pilotage meanwhile reached Rp 45 billion, around 5.5% of the total.
The ship management services made income of Rp 54 billion which contributed 6.6% of the total and other maritime services created Rp 2.5 billion.
By terminals, general port still contributed the highest, but contribution from TUKS (terminal for owned business) showed a fantastic growth.
In 2021, the income from general ports reached Rp424 billion, up 4% yoy (year on year). TUKS contributed the second highest, creating Rp206 million, increasing fantastically by 93% yoy. Then, the special terminals (Tersus) created Rp 134 billion, up 52% yoy.
Good Liquidity
In addition to the increasing revenue, the JAI higher profit was also contributed by the cost efficiency. Cost for general affairs and administration were down 10%, to Rp90 billion.
JAI also successfully made efficiency in other operating cost by 85%, thus supporting the company to create operating profit to Rp159 billion.
The company’s total assets during the year were relatively stable, slightly increasing by 1.4% to Rp1.43 trillion, while liabilities fell 14% to Rp271 billion. The company is in good financial condition including in terms of liquidity. The ratio of cash to current assets reached 76.7% and had strong capital for working capital needs and ongoing expansion plans.
“Though we still faced challenges from new normal economy, but we are satisfied as this financial statement has shown various proud records,” Amri said.
The merger of Pelindo 2021 is also an important milestone for JAI in business development. The company, Amri said, managed to maintain and gain non-Pelindo markets including Patimban Port, Tersus Jawa Satu Power, Kijing Terminal Pontianak Port, Meulaboh Aceh Waters and Kijang Kep Riau Port, all of which are expected to provide a positive trend for 2022. IPCM’s experience to continue to exist in the midst of a pandemic, will be capital and additional spirit to live in 2022.
Improved GCG, ESG
The company’s growth in 2021 was also acknowledged by public and external parties, proven by some awards the company have got. JAI, for example, got an award from a national business media for the Best Growth in Pandemic for in the transportation infrastructure sector.
The Company’s commitment to business development based on Environmental Social Governance (ESG) is evidenced by the achievement of the 2021 ESG Disclosure Awards for the disclosure of ESG IPCM which is an important standard in efforts to ensure transparency and maintain sustainable business operations. In addition, the Company received a silver rating in the category of large service organization from the National Standardization Agency.
The implementation of the Company’s Good Corporate Governance (GCG) practices in 2021 was marked by the achievement of the best level III GCG award for a public company at the BUMN Anugerah event. Going forward, IPCM will continue to be committed to promoting maximum service to customers, including optimizing technology information systems in the work process so that they are able to support standardization and wider market impact.