Prajogo-Backed CDIA’s Third-Quarter Profit Falls 61%: Here’s Why

Jakarta, CNBC Indonesia — PT Chandra Daya Investasi Tbk (CDIA), owned by conglomerate Prajogo Pangestu, recorded a 61.0% fall in profit attributable to owners of the parent, from US$77.6 million to US$30 million in the first nine months of this year.

According to CDIA’s financial report disclosed to the Indonesia Stock Exchange (IDX), the decline was due to fair-value gains.

“[The result was] affected by fair-value gains booked in the same period of the previous year,” management said on Thursday (29 October 2026).

The fall in profit was mainly associated with other gains, which dropped sharply from US$45.3 million to US$3.4 million. As a result, profit before tax fell 47.4% to US$44.5 million from US$84.6 million. Income tax expense, meanwhile, rose from US$1.15 million to US$12.3 million.

Further pressure came from general and administrative expenses, which increased from US$7.8 million to US$13.3 million, and finance costs, which rose from US$20.9 million to US$40.2 million. Selling expenses increased from US$994,000 to US$1.06 million.

Some of the pressure was offset by higher finance income, which rose from US$21.08 million to US$29.8 million. Income from financial assets was broadly flat at US$16.8 million, while the share of profit from associates increased from US$9.05 million to US$10.4 million. Foreign-exchange gains turned around from a loss of US$1.8 million to a gain of US$12.9 million.

Revenue in the first nine months rose 16.4% to US$122 million from US$104.8 million. Cost of revenue also increased 19.3%, from US$80.7 million to US$96.4 million. Gross profit rose just 6.5% to US$25.6 million from US$24.04 million, while the gross margin narrowed from 22.9% to 21.0%.

Management said infrastructure business performance remained stable, with an increased contribution from recurring and contract-based revenue. Third-party customers accounted for about 80% of revenue, while more than 90% of revenue came from contracts, supporting revenue visibility and diversification.

Investment spending has also expanded the company’s operational capabilities and infrastructure portfolio. As at 30 September 2026, all proceeds from its initial public offering earmarked for vessel investment had been deployed within the group, while 65% of the funds allocated to ports and storage had been used.

Management said CDIA’s projects were progressing towards the target of commercial operations in 2027, which would expand its capabilities and create potential additional revenue. In the water segment, the 600-litre-per-second Krenceng II Water Treatment Plant was inaugurated in August 2026, strengthening water supply for industrial and residential customers in Cilegon and surrounding areas.

In the ports and storage segment, CDI entered bitumen storage with a new 12,000-cubic-metre facility in Merak, inaugurated in October 2026. The facility expands storage capacity and supports domestic demand for infrastructure materials.

In logistics, CDI is continuing to expand and diversify its maritime platform. The Boreas and Novah vessels, each with a capacity of 9,000 deadweight tonnes (DWT), have expanded liquid chemical transport services on routes linking China, Thailand and Indonesia. The consolidation of PT Elpi Trans Cargo (ETC) adds tug-and-barge capabilities for dry bulk and offshore support services, including Elara Dalimbar 1, the first Indonesian-flagged multipurpose support vessel with DP Class III classification.

CDI’s US$90 million investment for a 40% stake in PT Armada Maritim Persada (AMP) has also broadened its exposure to mining logistics and port management. The addition of Boreas, Novah, ETC and AMP expands CDI’s presence in chemical and industrial transport, mining, oil and gas, subsea services, offshore energy and maritime infrastructure. The investments strengthen recurring revenue, diversify customers and income sources, and create opportunities for integrated infrastructure services.

CDI’s infrastructure platform expansion continues to be supported by strong financial flexibility. As at 30 September 2026, the company had liquidity of US$747.9 million to fund projects and support the increased contribution of new assets.

Its financial position also enabled the company to distribute an interim dividend of US$10.0 million for the first half of 2026, while preserving capacity for selective growth.

Looking ahead, CDI remains focused on delivering sustainable profit growth through increased contributions from new assets, progress towards commercial operations for its projects, and a diversified base of third-party customers and contract-based revenue.

“With financial discipline and investments aligned with market needs, the company continues to strengthen its position as an integrated infrastructure platform supporting industrial and economic growth in Indonesia and the region,” management said.