Revenue Rises, but Net Profit Falls for Bakrie Electric Bus Operator VKTR in 2025
Jakarta — PT VKTR Teknologi Mobilitas Tbk (VKTR), the Bakrie Group’s electric bus manufacturer, recorded annual revenue growth of 8.5% year-on-year to Rp1.089 trillion in 2025, compared with Rp1.004 trillion in 2024.
This growth reflects accelerating electric vehicle sales driven by improved delivery realisations and stable contributions from the automotive spare parts manufacturing segment. Gross profit expanded 10.4% year-on-year to Rp197 billion in 2025 from Rp178 billion in 2024, driven by improved pricing in the electric vehicle segment that strengthened overall gross profit margins.
However, the electric mobility-focused company reported net profit of only Rp423 million, representing a dramatic decline from Rp12.29 billion in the prior year period.
From a financial position standpoint, total assets grew 11.8% year-on-year to Rp1.798 billion in 2025 from Rp1.609 billion in 2024, driven by increased advances relating to electric vehicle sales projects not yet recognised as revenue, offset by additions to fixed assets. Liabilities increased 22.2% year-on-year to Rp553 billion in 2025 from Rp453 billion in 2024, in line with additional borrowing for working capital to support business growth.
“All positive momentum at VKTR in 2025, both from financial performance and business achievements, proves that our efforts to drive electric vehicle adoption across various industries continue to deliver results. This step not only positions VKTR at the forefront of commercial vehicle decarbonisation but also towards sustainable growth for years to come,” said A. Amri Aswono Putro, Director and Chief Financial & Risk Officer of PT VKTR Teknologi Mobilitas Tbk.
By the end of 2025, the company had completed delivery of 50 electric buses to Transjakarta operator as part of a total order of 80 units. The remaining 30 units have completed chassis assembly at PT VKTR Sakti Industries and are now entering the body manufacturing stage at partner manufacturing company PT Laksana Bus Manufaktur.
In the same year, the company delivered 3 electric buses for employee mobilisation to a private mining company. It also handed over 5 compactor units to the DKI Jakarta Provincial Environmental Affairs Agency and 5 dump trucks to the DKI Jakarta Provincial Water Resources Agency.
Several of these trucks will function as urban waste transport vehicles that will be converted into electrical energy to support the implementation of waste-to-energy programmes alongside carbon emission reduction initiatives in the transport sector and waste and energy management in Indonesia.
In line with this, VKTR recorded sustained growth in electric vehicle sales year-on-year, reflecting increasing adoption of commercial electric vehicles in the domestic market. By December 2025, the company sold 69 electric vehicles comprising 53 buses, 10 trucks, and 6 forklifts to various private companies across industries.
The cumulative total of VKTR electric vehicle sales completed since establishment through the end of 2025 reached 135 electric buses, 24 electric trucks, and 13 forklifts.
Additionally, the company developed various supporting activities, including superior after-sales services, automotive spare parts and accessories business, battery-based electric vehicle assembly, and iron and steel foundry operations. Strengthening after-sales services and fleet management systems reflect the company’s commitment to creating a smart, integrated, and environmentally friendly transport ecosystem.
In the automotive spare parts manufacturing segment, the company recorded slight sales decline, in line with slowing national automotive sales growth. According to Gaikindo data, national automotive sales recorded a 7% year-on-year decline in 2025.
“Throughout 2025, we actively expanded collaboration with various global OEMs, whilst conducting a series of direct product trials with prospective customers in the commercial vehicle segment. For us, product development is not merely about technology adoption, but ensuring that the solutions we present are truly relevant to customers’ operational needs and market dynamics,” said V. Bimo Kurniatmoko, Director and Chief Operational Officer of PT VKTR Teknologi Mobilitas Tbk.
Additionally, revenue from the electric vehicle segment is projected to make a more significant contribution in 2026, supported by completion of the remaining 30-unit Transjakarta project in the first quarter. Thus, in early 2026, VKTR is projected to supply a total of 152 electric buses from Transjakarta’s total operating electric bus fleet. This figure represents approximately 30% of Transjakarta’s electric bus fleet, positioning the company among the top three electric bus suppliers to Transjakarta.