JAKARTA. PT Temas Tbk (TMAS), a logistic and transportation company with the highest market capitalisation in Indonesia, recorded net profit of IDR 782.6 billion in 2023, dropping 42.62% year-on-year (yoy).

This profit decline was in line with TMAS’s revenue, which only reached IDR 4.3 trillion in 2023. The revenue shrank 11.72% yoy from IDR 4.88 trillion in 2022.

Based on the issued financial report, most of TMAS’s revenue in 2023 came from shipping services, which contributed IDR 4.3 trillion. Meanwhile, stevedoring services only generated revenue of IDR 599.71 billion.

The net profit of shipping services reportedly reached IDR 650.08 billion, while the net profit from stevedoring services was only IDR 155 billion.

By geographical area, TMAS’s revenue in 2023 still relied heavily on domestic market, with total revenue clocking in at IDR 4.12 trillion. Then, foreign market only brought in revenue of IDR 187.7 billion.

According to IDNFinancials data, TMAS scored net profit of IDR 1.36 trillion in 2022, which was 92.6% yoy higher than 2021’s net profit. (KR/ZH)