Indonesia's PLN profit plummets while Pelindo Jasa Maritim posts sharp gain

State electricity utility PT Perusahaan Listrik Negara (PLN) reported a sharp fall in net profit for 2025, down 66.9% year‑on‑year to Rp 7 trillion. Revenue rose 6.8% to Rp 582.68 trillion, but operating costs surged, pushing profit before tax down 54% to Rp 12.99 trillion. A government receivable to PLN grew to Rp 110.73 trillion, a 155.8% increase, reflecting mounting fiscal pressure on the utility. The company also faced temporary supply constraints after two large power plants in Java experienced technical outages.

Maritime services subsidiary PT Pelindo Jasa Maritim (PJM) Region 1, however, posted a 171% jump in net profit, surpassing its 2026 target despite revenue reaching only 97% of plan. The profit boost stemmed from aggressive cost‑efficiency measures, including disciplined budget execution and postponement of non‑essential capital spending, which kept expense absorption at 90% of the budget. The firm cited strong performance in high‑value services such as vessel guidance on key waterways, contributing to a robust EBITDA margin.