JAKARTA – PT Temas Tbk (TMAS) posted a net profit of IDR 673.36 billion in 2024, down 13.95% year-on-year (yoy) from the previous year's IDR 782.61 billion.

Despite this, the revenue of the transportation and logistics issuer grew 0.93% yoy to IDR 4.34 trillion in 2024, from IDR 4.30 trillion in the previous year.

The decline in profitability was primarily due to a surge in service expenses, which reached IDR 3.44 trillion, up 8% yoy.

Additionally, TMAS’s gross profit fell 18.91% yoy to IDR 900.18 billion in 2024. Operating expenses increased by 19% yoy to IDR 227.09 billion, which further pushed the operating profit down by 5% yoy to IDR 917.89 billion.

Meanwhile, TMAS’s total equity saw a significant increase of 8% yoy to IDR 2.85 trillion in 2024, and its total assets rose 8% yoy to IDR 4.4 trillion. (EF/KR/ZH)