PT Kereta Api Indonesia (Persero), known as KAI, recorded a decline\nin profit for the first half of 2026, even though the company\u2019s revenue\ngrew during the same period. According to consolidated financial\nstatements as of 30 June 2026, KAI booked revenue of Rp 17.96 trillion,\na 6.6% increase compared to Rp 16.85 trillion in the same period last\nyear. Operating profit also grew significantly by 25.8% to Rp 4.66\ntrillion from the previous Rp 3.71 trillion.<\/p>\n
However, ironically, the current year\u2019s profit attributable to the\ncompany plummeted drastically to just Rp 314.03 billion, a 73.5% drop\nfrom Rp 1.18 trillion in the first half of 2025. An investigation\nreveals that the decline in KAI\u2019s net profit did not stem from its core\npassenger or logistics business performance. On the operational side,\nKAI\u2019s performance actually improved: gross profit rose from Rp 5.72\ntrillion to Rp 6.79 trillion, and operating profit saw double-digit\ngrowth.<\/p>\n
The primary cause of the net profit slump lies in the \u2018Net Loss Share\nof Associates and Joint Ventures\u2019 line item. This figure surged to a\nloss of Rp 2.99 trillion in the first half of 2026, up from a loss of Rp\n948.2 billion in the first half of 2025\u2014an increase of more than\nthreefold. This specific item effectively eroded almost all of KAI\u2019s\noperating profit growth, causing profit before tax to drop from Rp 1.86\ntrillion to just Rp 842.69 billion.<\/p>\n
Is the Jakarta-Bandung Whoosh High-Speed Railway the culprit?\nAccording to the notes to the financial statements (Note 14), the main\nsource of the loss originates from PT Pilar Sinergi BUMN Indonesia\n(PSBI)\u2014a joint venture entity in which KAI holds a 58.53% stake. PSBI is\nthe investment vehicle for the SOE consortium that serves as the\nmajority shareholder in PT Kereta Cepat Indonesia China (KCIC), the\noperator of the Whoosh high-speed train.<\/p>\n
Financial data shows that PSBI recorded a net loss of Rp 5.13\ntrillion for the period, with total assets of Rp 21.53 trillion and\ntotal liabilities nearly equal at Rp 21.55 trillion. This indicates\nheavy financial pressure on the entity, which represents the\nconsolidated performance of the Whoosh project. Because KAI records its\ninvestment in PSBI using the equity method with a 58.53% ownership\nstake, PSBI\u2019s losses proportionally eroded KAI\u2019s profits. KAI\u2019s share of\nnet losses from its investment in PSBI reached Rp 3.005 trillion in the\nfirst half of 2026, up from Rp 2.92 trillion in the same period last\nyear.<\/p>\n
As a result, the carrying value of KAI\u2019s investment in PSBI has been\nsignificantly eroded, falling from Rp 4.79 trillion at the end of 2025\nto just Rp 1.79 trillion as of 30 June 2026. Furthermore, KAI has been\nindirectly funding KCIC through a shareholder loan scheme to PSBI, with\ntotal loans disbursed by KAI to PSBI exceeding Rp 1.72 trillion as of\nthe end of June 2026.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/kai-profits-plummet-despite-revenue-growth-driven-by-whoosh-1785470048", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }