JAKARTA – PT Jakarta Kyoei Steel Works Tbk (JKSW) reported a significant loss of IDR 4.2 billion in 2024, a drastic increase of 409.63% compared to the previous year (year-on-year/yoy), where the company had posted a loss of IDR 83.81 million.

According to the 2024 Financial Report, JKSW has not recorded any sales since 2023, but its general and administrative expenses continued to rise, reaching IDR 13.89 billion in 2024.

The foreign exchange gain, which grew by 336.79% yoy—from a loss of IDR 9.92 million to a profit of IDR 23.49 million—was not enough to offset other expenses, causing the company’s financial position to deteriorate further.

In terms of financial position, the company's total equity is negative at IDR 498.11 billion, with liabilities reaching IDR 651.74 billion. Meanwhile, total assets shrank to IDR 153.62 billion compared to IDR 158.54 billion the previous year.

"In response to the worsening financial condition, the IDX has decided to delist JKSW shares from the exchange on July 21, 2025," said JKSW management in a disclosure on Monday (17/2).

The decision was made after the company ceased operations for more than three years due to inefficient production machinery, which caused production costs to swell without proportional results.

“We evaluated that the company is experiencing conditions or events that significantly negatively affect its business continuity, both financially and legally, and there are no indications of sufficient recovery,” they said.

Following the delisting decision, JKSW plans to repurchase its shares at IDR 59 per share, which will take place from January 30 to July 31, 2025. (DK/ZH)