Q1-2024, Nusantara Infrastructure (META) Records Revenue of IDR 72.6 Billion

LISTED COMPANY - JAKARTA. PT Nusantara Infrastructure Tbk (META) reported a revenue of IDR 72.61 billion in the first quarter of 2024, marking a significant 82.33% year-on-year decrease from the previous IDR 411.16 billion in the first quarter of 2023.

According to financial reports, despite the decline in META's revenue in the first three months of 2024, the company managed to turn a loss into a profit during this period.

In detail, META's business revenue and sales were recorded at IDR 72.43 billion, and construction revenue at IDR 186.83 million in the first quarter of 2024.

The direct costs and cost of goods sold by META were recorded at IDR 33.36 billion at the end of March 2024, down from IDR 255.95 billion in the same period last year.

As a result, the gross profit was IDR 39.34 billion in the first quarter of 2024, down 74.71% year-on-year from IDR 155.20 billion.

The profit for the period attributable to the parent entity owners was IDR 80.06 billion in the first quarter of 2024. This is a reversal from a loss of IDR 30.32 billion in the first quarter of 2023.

This was due to META's financial income adding IDR 2.17 billion in the first quarter of 2024. In the same period last year, financial income was only IDR 1.74 billion.

On the other hand, META's financial expenses in the first quarter of 2023 were recorded at IDR 118.25 billion. While in the first quarter of 2024, it remained at IDR 11.63 billion.

Indah D.P. Pertiwi, Head of Corporate Communication & CSR META, stated that the net loss in the first quarter of 2023 was due to interest expenses related to loans for the investment purchase of PT Jasamarga Jalanlayang Cikampek (JJC) shares.

“PT JJC operates the Syeikh Mohammed bin Zayed Elevated Road, also known as the MBZ Toll Road,” she told Kontan on Monday (6/5).

Meanwhile, the decrease in revenue in the first quarter of 2024 was due to a mere change in accounting records as PT Margautama Nusantara (MUN)'s performance is no longer consolidated in META's financial report. This is related to the voluntary delisting process carried out by META.

Regarding the delisting process, Indah stated that META is currently entering the Voluntary Tender Offer Period II.

According to disclosed information, the Indonesia Stock Exchange (IDX) has reopened the trading of PT Nusantara Infrastructure Tbk. (META) shares in the negotiation market starting from the second trading session today, Wednesday (24/4).

This was conveyed in IDX Announcement No: Peng-SPT-00009/BEI.PPI/II-2023 dated November 7, 2024, and IDX Announcement number Peng-UPT-00007/BEI.PP1/12-2023 dated December 22, 2023, regarding the Revocation of Temporary Trading Suspension Only in the Negotiation Market of PT Nusantara Infrastructure Tbk. (META).

The IDX announced the reopening of the temporary suspension (Suspension) of the Company's Securities Trading only in the Negotiation Market to carry out crossing transactions starting from the Company's Securities trading session II on Wednesday (24/4) at 13.30 WIB.

Subsequently, the IDX will carry out the Suspension of the Company's Securities Trading again in All Markets after the share transfer transaction is completed.

“Other transactions other than those mentioned are not allowed to be carried out during the suspension opening period,” the announcement said.

As of the end of March 2024, META's total assets amounted to IDR 4.37 trillion. This is an increase from IDR 4.31 trillion at the end of last year.

META had total liabilities of IDR 600.72 billion in the first quarter of 2024, down from IDR 627.74 billion at the end of December 2023. Meanwhile, the total equity was IDR 3.77 trillion at the end of March 2024, down from IDR 3.69 trillion at the end of 2023.

As of March 31, 2024, cash and cash equivalents at the end of the period amounted to IDR 192.84 billion. This is a decrease from IDR 454.11 billion in the same period last year.