Public listed car terminal operator PT Indonesia Kendaraan Terminal Tbk (IDX: IPCC) has demonstrated resilient performance amid challenging market conditions, recording a 4% increase in net profit for the nine-month period ending September 2024, totalling IDR 148.02 billion.
This growth is notable, especially in light of a significant reduction in motor vehicle sales targets, adjusted by Gaikindo from 1.1 million to 850,000 units. IPCC’s consolidated cargo traffic grew impressively by 13.5% year-on-year (yoy), reaching 90,820 units by September 2024.
This increase aligns with the company’s strategic focus on sustainable business expansion and enhancing connectivity between terminals. A key driver of this growth was the recent opening of the Semayang satellite terminal in Balikpapan at the end of 2023, followed by the operation of another new satellite terminal in Trisakti, Banjarmasin, launched in October 2024.
Heavy equipment cargo handling and truck/bus operations particularly excelled, with an extraordinary increase of 74.1%. Furthermore, earnings per share rose 4.2% yoy to IDR 81.40, up from IDR 78.06.
Terminal services continue to be the main revenue driver for IPCC, particularly at its Jakarta Branch, which has seen a surge in electric vehicle (EV) cargo since June 2024. The terminal has welcomed various brands, including BYD, Wuling, Citroen, Vinfast, and AION, experiencing a monthly growth rate of 19%, resulting in a total of 15,988 units processed.
IPCC President Director Sugeng Mulyadi attributed the positive performance to effective management strategies that optimize land use and improve service offerings, such as the Pre- Delivery Center (PDC) for vehicle storage before dispatch. He emphasized that proactive communication and synergy with service users have also played a crucial role in enhancing the company’s income.
IPCC’s financial health is reflected in its profitability ratios, with the Net Profit Margin rising to 26.24% from 25.89% year-on-year, and an EBITDA Margin increasing to 46.7%. The company maintains a strong financial foundation, operating without debt in bonds or banking instruments, which provides ample room for future business expansion.
Transformation, EV Focus
Director of Operations and Engineering Bagus Dwipoyono highlighted the importance of digitalization in the company’s operations. The new operating system, PTOS-C, developed by a Pelindo subsidiary, integrates existing systems and enhances service delivery. This digital transformation, alongside standardized operating procedures and continuous HR and terminal improvements, positions IPCC to meet upcoming challenges effectively.
With the influx of various Chinese brands into the national EV ecosystem and new factories supporting the Jakarta Capital City, IPCC anticipates an increase in EV cargo, including both exports and imports, which is expected to boost domestic automotive sales.
The company’s commitment to sustainable business strategies and the management of vehicle terminals, especially in central and eastern Indonesia, aims to enhance terminal connectivity and reduce logistics costs.
In summary, PT Indonesia Kendaraan Terminal Tbk’s strategic initiatives and commitment to operational excellence have enabled it to navigate a challenging market landscape successfully, ensuring positive growth and a promising outlook for the future.
