Strange! There Are Actually 4 Indonesian Companies with Zero Revenue
Strange! There Are Actually 4 Indonesian Companies with Zero Revenue
Jakarta, CNBC Indonesia - Surprisingly, there are companies whose business activities have generated absolutely no revenue up to the third quarter (Q3) of 2025. Most of these companies have even had to swallow quite substantial losses.
This zero or negative revenue indicates a condition where the companies’ expenses exceed their income, meaning operational burdens continue without corresponding business inflows.
This situation is certainly unhealthy for business sustainability and could lead to bankruptcy if no strategic improvements are made. Without cash inflows from revenue lines, financial and operational burdens will continue to erode the companies’ capital.
Based on the latest financial report releases as of the Third Quarter of 2025, we have compiled a list of four companies that recorded revenue of Rp0, which warrants attention from market participants:
- TGRA
The shares of the renewable new energy issuer, PT Terregra Asia Energy Tbk (TGRA), recorded zero rupiah or no business revenue at all throughout the first nine months of 2025.
Due to the absence of revenue, TGRA had to record a loss for the year of Rp14.17 billion in Q3 2025. This loss has swelled compared to the same period last year, which recorded a loss of Rp9.47 billion.
The reason for the nil revenue is that the company has not yet fully commenced commercial operations from its projects. Currently, the company’s shares are still suspended by the IDX.
Management stated that they are still seeking new investors to inject additional capital for the continuation of building their five Mini Hydro Power Plant (PLTMH) projects.
- ZINC
The mineral mining issuer PT Kapuas Prima Coal Tbk (ZINC) also recorded zero sales in its Q3 2025 report. However, in the same period in 2024, ZINC was still able to record sales of Rp174.35 billion.
The stalled revenue stream has caused the company to record a drastically swollen loss for the year of Rp162.84 billion, much deeper than the Q3 2024 loss of Rp91.25 billion.
The absence of revenue is due to licensing issues. ZINC’s mining export approval permit for lead (Pb) and zinc (Zn) concentrates expired on 31 December 2024.
Up to the completion of the Q3 2025 financial report, the company has not yet obtained approval for the extension of that export permit, which automatically halts sales activities and cash inflows from foreign customers.
- OCAP
PT Onix Capital Tbk (OCAP) remains consistent in having no business revenue at all for several years, including in Q3 2025. Without revenue, OCAP’s losses continue to accumulate.
As of the end of September 2025, the company recorded a loss for the period of Rp22.41 billion, swelling sharply up to five times compared to Q3 2024, which was Rp4.27 billion.
OCAP’s lack of revenue is purely due to the cessation of operations of its subsidiaries.
Its subsidiary, PT Onix Sekuritas (OSEK), which was previously the backbone of the business, has been dissolved and is still in the liquidation process. A similar fate befell PT Menteng Medika Indonesia (MMI), which has approved dissolution and is in the liquidation stage since September 2023.
- MTPS
The issuer in the construction and engineering sector, PT Meta Epsi Tbk (MTPS), also reported net revenue of Rp0 in the third quarter of 2025. This is in stark contrast to the same quarter last year, when MTPS still booked revenue of Rp1.32 billion.
Although operational expenses have been reduced, the loss of turnover has led the company to book a comprehensive loss for the year of Rp4.52 billion in Q3 2025. The nil revenue position reflects the absence of projects in execution that could be converted into cash in that quarter.
Management in its notes mentioned that they are endeavouring to establish new partnerships in the construction sector, add new business lines, and optimise operational efficiency to restore financial stability.