State-owned infrastructure financing company PT Sarana Multi Infrastruktur (SMI) recorded a net profit of Rp2.07 trillion or equivalent to US$144.5 million throughout 2023, partly supported by growth in operating income.
Director of Operations and Finance of PT SMI, Darwin Trisna Djajawinata, said that the bottom-line performance of the company is ensured to be on a positive trend despite a slight slowdown in net profit compared to the position in 2022, which reached Rp2.16 trillion.
“Indeed, the profit in 2023 decreased slightly, but not actually decreased because our comprehensive profit increased by 11 percent [to Rp2.31 trillion],” Darwin said as quoted on March 28, 2024.
More specifically, the slowdown in the company’s net profit was caused by the lack of operational efficiency of toll roads throughout 2023. Meanwhile, in 2022, SMI’s net profit increased due to divestment from ownership of shares in the Semarang – Batang Toll Road which contributed revenue of Rp300 billion.
According to the company’s financial report, PT SMI’s top-line performance indeed experienced growth. This is reflected in the company’s revenue jumping by 22.8 percent annually (year-on-year/yoy) last year to Rp7.6 trillion from Rp6.2 trillion in 2022.
The company’s gross income throughout 2023 also recorded a 21.4 percent yoy increase from Rp3.1 trillion in 2022 to Rp3.8 trillion in 2023. Furthermore, in 2023, PT SMI’s financing and investment activities contributed to the development of infrastructure projects worth Rp727.3 trillion.
The financing commitment throughout last year reached Rp137.7 trillion. Meanwhile, the outstanding financing and investment figure amounted to Rp91.3 trillion.
PT SMI’s management also reported that gross disbursements throughout 2023 reached Rp15.3 trillion, consisting of disbursements to Business Entities amounting to Rp15 trillion and to Regional Governments amounting to Rp255 billion.
President Director of PT SMI, Edwin Syahruzad, emphasized that in 2024, the company remains committed to maintaining growth consistency and improving its performance.
“The Company’s Long-Term Development Plan (LTDP) for 2024-2028 has just been approved by the shareholders. Based on the LTDP, PT SMI will enhance its portfolio in expanding and forefront sectors such as water, health, and waste management, which are considered underserved sectors but actually have high socio-economic impacts,” Edwin said.
Furthermore, PT SMI will strengthen public transformation through loan programs, implement public financing strategies with clustering, and strengthen research capacity through the SMI Institute. In terms of energy transition, the company will strengthen its role as the Energy Transition Mechanism Country Platform Manager.
PT SMI is also preparing for the establishment of a Trust Fund, which has been initiated since 2023 with the issuance of the Development and Strengthening of the Financial Sector (P2SK) Law. The establishment of this Trust Fund aims to manage grant funds to support infrastructure development in Indonesia. In addition, PT SMI will actively support the acceleration of infrastructure provision in the Nusantaral Capital City (IKN), one of which is through the unsolicited Government and Business Entity Cooperation (KPBU) scheme.
