IPCC H1 profit falls despite higher vehicle handling volumes

By Romel S. Gurky

Vehicle terminal operator PT Indonesia Kendaraan Terminal Tbk (IDX: IPCC) reported a 9.3% decline in first-half net profit as weaker vehicle imports and geopolitical disruptions weighed on its main Jakarta terminal, offsetting higher cargo volumes across its nationwide network.

The Pelindo Group subsidiary posted a net profit of Rp103.28 billion for the six months ended June, down from about Rp 113.84 billion a year earlier, according to statements released on Tuesday.

The company said escalating tensions in the Middle East, which have disrupted global automotive supply chains and increased logistics costs, together with slowing vehicle imports into Indonesia, hurt operations at its Jakarta International Terminal. The Jakarta facility contributes about 87% of the company's consolidated revenue and cargo volume.

Despite the earnings decline, IPCC maintained a net profit margin of 24.98% through tighter cost controls and operational efficiencies, it said.

Operationally, however, the company reported continued growth across its terminal network. Total vehicle, truck, bus and heavy equipment cargo handled at its Jakarta terminal and five satellite terminals rose 13.9% year-on-year to 615,046 units during the January-June period.

Completely built-up (CBU) vehicle volumes increased 5.0% to 446,406 units, while truck and bus handling jumped 53.5% to 152,078 units. Heavy equipment cargo also rose 4.4% to 16,562 units.

Total vessel calls across IPCC's terminals climbed 18.4% to 1,901 during the first half.

The company said growth was driven primarily by domestic cargo, while import vehicle traffic declined in line with weaker global demand for imported automobiles.

IPCC added that its satellite terminals recorded 38.1% growth in operational volumes, although the gains were insufficient to offset weaker performance at the higher-margin Jakarta terminal because of differences in cargo mix and tariff structures.

The company cited data from the Association of Indonesian Automotive Industries (GAIKINDO) showing Indonesia's wholesale vehicle sales rose 14.3% year-on-year to 398,662 units in the first half of 2026, while CBU vehicle exports handled by IPCC increased 11.8% to 191,199 units, with Vietnam remaining the largest export destination.

Acting President Director Bagus Dwipoyono said the company would continue investing in digitalisation, operational efficiency and expansion of its satellite terminal network as it prepares for growing exports and imports of electric and hybrid vehicles.

Finance Director Wing Megantoro said IPCC remained debt-free, with total assets holding steady at Rp 2.04 trillion as of the end of June. Current assets rose 4.0% from the end of 2025 to Rp 1.22 trillion, supporting the company's liquidity and future business expansion.

Editing by Reiner Simanjuntak