PT Kawasan Industri Jababeka Tbk (KIJA) recorded a net loss of Rp6.4 billion in the first half of 2026. Although this figure contrasts with the net profit of Rp627.6 billion in the same period last year, the negative performance is not considered to reflect a decline in the company's core business sector.
The contraction in the profit-loss statement was primarily caused by one-off refinancing costs. This corporate action was taken when Jababeka converted its US dollar-denominated Senior Notes debt into bank loans in Indonesian Rupiah. The accounting process for this refinancing triggered a foreign exchange loss and the termination of derivative instruments, which weighed on net profit.
From an operational standpoint, the issuer traded under the ticker KIJA actually still demonstrated solid performance, posting an operating profit of Rp524 billion. The decline in operating profit from Rp822.8 billion in H1-2025 was mainly influenced by timing differences in revenue recognition from the sale of industrial land in Kendal, Central Java, rather than a weakening of market demand.
The main supporting sector came from the infrastructure pillar, which grew by 15 percent to Rp1.398 trillion. This surge was driven by increased electricity consumption by industrial estate tenants, clean water supply, estate management, and logistics services at Cikarang Dry Port. The infrastructure segment now contributes 57 percent of total revenue, strengthening the company's recurring revenue base for greater stability.
Meanwhile, the land development and property business line recorded a 32 percent decline to Rp974.9 billion due to fluctuations in the timing of industrial land sales recognition. Nevertheless, sales of ready-to-use factory buildings and residential units showed an upward trend. On a consolidated basis, Jababeka's revenue was recorded at Rp2.44 trillion, with EBITDA reaching Rp747.7 billion.
Jababeka's Vice President Director, Budianto Liman, explained that the reported net loss was purely the impact of adjustments to non-operational items. As of June 2026, the company has secured marketing sales of Rp1.19 trillion, or about 32 percent of the annual target of Rp3.75 trillion, supported by the entry of battery, household appliance, and textile manufacturers in the Cikarang and Kendal industrial estates.
