FUJI Grilled by Stock Exchange as Profits Plummet - Financing Receivables Suddenly Vanish
Jakarta, CNBC Indonesia - The listed financing company PT Fuji Finance Indonesia Tbk (FUJI) has responded to questions from the stock exchange regarding its 2025 fiscal year financial report, which disclosed several drastic changes from the previous year.
The Indonesia Stock Exchange (BEI) has questioned the background behind FUJI’s profit decline of 24.32% for the period ending 31 December 2025 compared to the previous year. Net profit for the year was recorded at Rp8.35 billion, down from Rp11.03 billion in 2024.
Management explained that the profit decline was caused by a drop in foreign exchange gains and an increase in general and administrative expenses. In addition, the company continues to uphold conservative principles to ensure the sustainability of profitability.
“The company maintains its conservative principles, where every financing receivable extended by the company is ensured to be secured by collateral in the form of mortgages on land and/or buildings with asset values sufficient to cover the entire amount of the receivable extended. The company also conducts periodic evaluations of debtors’ financial conditions to ensure the smoothness of receivable collectability,” as stated in the BEI disclosure of information on Tuesday (21/4/2026).
One of the factors weighing on this year’s profit is a significant surge in the general and administrative expenses position, which also pressured profit performance. The BEI has requested detailed explanations regarding the increases in several cost components.
The company disclosed that travel and transportation expenses surged by 692.06% in 2025. This increase aligns with management’s activities in forging partnerships with strategic partners and global investors, particularly in the green sector.
In addition, office supply expenses rose by 282.14% due to purchases to support operations. Meanwhile, other expenses increased by 121.09%, triggered by higher annual listing costs at the BEI and income tax expenses.
From the financing function perspective, FUJI reported nil financing receivables as of 31 December 2025. On the other hand, the other financing position jumped sharply by 3,618.26% compared to the previous year.
Management explained that this change occurred due to the reclassification of financing receivables to other receivables amounting to Rp80 billion. This step was taken following an evaluation based on the provisions of POJK No. 46/2024 regarding the definition of financing.
“Some of these receivables consist of extensions related to credit takeovers from banks (credit takeovers), so they cannot be categorised as Multiguna Financing, Investment Financing, or Multiguna Financing,” management stated.
The BEI also highlighted FUJI’s high non-performing financing (NPF) ratio in 2024, which reached around 48%. The company explained that this condition was triggered by debtors’ cash flow difficulties post-pandemic, which disrupted their payment capabilities.
However, in 2025, the financing facilities to those debtors have been transferred to other parties. With this step, the company’s NPF ratio has reportedly dropped back to 0%.