Top 30 Indonesian Transport Public Companies Q3 2025 Revenue & Performance

1) Overall Transport companies performance (Q3 2025 snapshot)
The Transportation & Logistics subsector on the IDX contains dozens of listed names (IDX/sector trackers show ~60+ companies under Transportation & Logistics), spanning airlines, ports, shipping, toll roads, road transport/logistics and freight forwarders. Market-cap leaders by sector in 2025 include Jasa Marga (toll roads), Transcoal/Transcoal Pacific (shipping/coal), Garuda and Blue Bird among passenger transport, and several logistics names such as Samudera and Temas. Sector performance was uneven: airlines and aircraft-services still pressured by fuel and capacity dynamics; freight & port operators benefited from recovery in cargo and commodity flows; toll roads saw revenue growth but tax/finance items compressed attributable net profits. (Sector register & market-cap trackers).
Section 2 Earnings call / Q3 2025 results: Top 10 Indonesian transport public companies (summarized).
PT Jasa Marga Tbk (JSMR) - toll roads
Reported (9M25 / up to Sep-2025) net income: IDR 2.73 trillion.
Equivalent: ≈ USD 164.5 million (IDR 2,730,000,000,000 ÷ 16,600 ≈ 164.5M).
Jasa Marga recorded strong toll revenue growth but 9M net profit was down YoY (tax and some non-operating items cited). Source: company/analyst Q3 reporting.
PT Garuda Indonesia (Persero) Tbk (GIAA) - national airline
Reported (9M25) net result: Net loss IDR 3.04 trillion (loss through Sep-2025).
Equivalent: ≈ USD 183.1 million loss (IDR 3,040,000,000,000 ÷ 16,600 ≈ 183.1M).
Garuda's losses widened in 9M2025 due to continued restructuring costs and operating pressure; balance-sheet items increased.
PT Blue Bird Tbk (BIRD) - ground transport (taxis, mobility)
Reported (Q3/9M25) net income: IDR 482.6 billion (Q3/9M reporting; reported as Q3 figure in coverage).
Equivalent: ≈ USD 29.1 million (IDR 482,600,000,000 ÷ 16,600 ≈ 29.06M).
Blue Bird reported improved profitability in Q3 2025 vs prior year, benefiting from fare mix improvements and cost control; management raised or reiterated guidance in some investor materials.
PT Samudera Indonesia Tbk (SMDR) - shipping & logistics
Reported (Q3/9M25) net income: IDR 718.7 billion (Q3/9M headline reported).
Equivalent: ≈ USD 43.3 million (IDR 718,700,000,000 ÷ 16,600 ≈ 43.28M).
Samudera posted higher net income YoY, driven by higher freight volumes and favorable contract mix; cash and liquid assets reported healthy.
PT Adi Sarana Armada Tbk (ASSA) - vehicle rental & logistics
Reported (9M25) net income: IDR 348.6 billion (9M or Q3 headline).
Equivalent: ≈ USD 21.0 million (IDR 348,600,000,000 ÷ 16,600 ≈ 21.00M).
ASSA recorded a strong rise in net profit (approx +64% YoY reported), driven by 21% revenue growth across the fleet/logistics segments.
PT Citra Marga Nusaphala Persada Tbk (CMNP) - toll roads / concessions
Reported (9M25) net income: IDR 722.9 billion (9M/kuartal III headline).
Equivalent: ≈ USD 43.5 million (IDR 722,900,000,000 ÷ 16,600 ≈ 43.55M).
CMNP's 9M net was down YoY (press analysis), but still delivered positive cash generation from toll collections and ongoing traffic volumes.
PT Temas Tbk (TMAS) - logistics & freight forwarding
Reported (9M25) net income: IDR 365.5 billion (Q3/9M headline).
Equivalent: ≈ USD 22.0 million (IDR 365,500,000,000 ÷ 16,600 ≈ 22.01M).
Temas reported somewhat lower profit vs prior year as margins were squeezed by higher service costs; revenue ~IDR 3.19 trillion to Sep-2025 per disclosures.
PT AirAsia Indonesia Tbk (CMPP / AAID) - low-cost airline
Reported (9M25) net result: Net loss IDR 985.5 billion (Q3/9M headline loss).
Equivalent: ≈ USD 59.3 million loss (IDR 985,500,000,000 ÷ 16,600 ≈ 59.34M).
AirAsia Indonesia widened losses in 9M2025 due to higher fuel and network costs; management commentary highlighted capacity rebuild being slower than planned.
PT Transcoal Pacific Tbk (TCPI) - coastal shipping / bulk logistics
Reported (Q3 2025) net income (Q3): IDR 129.4 billion (quarter headline).
Equivalent: ≈ USD 7.79 million (IDR 129,400,000,000 ÷ 16,600 ≈ 7.79M).
TCPI continued profitable operations with expanding fleet utilization and new contracts reported; management flagged targeted capex to expand armada.
PT Trans Power Marine Tbk (TPMA) - maritime transport & services
Reported (Q3 2025) net income (Q3): IDR 231.2 billion (Q3 headline).
Equivalent: ≈ USD 13.9 million (IDR 231,200,000,000 ÷ 16,600 ≈ 13.93M).
TPMA reported lower net vs prior year quarters but remains profitable; the company cited operational cost pressures in some routes.
Section 3 Key trends & insights from Q3 2025
Airlines still volatile; recovery uneven. Both Garuda and AirAsia Indonesia reported widening losses through 9M2025 reflecting fuel cost volatility, restructuring/one-off items (Garuda), and capacity & pricing competition. Passenger demand is recovering but margins remain pressured.
Ground transport & taxi operators showing margin recovery. Blue Bird posted improved profitability as fare mix and utilization recovered post-pandemic and cost management improved.
Ports, shipping and logistics benefiting from trade flows. Samudera, Temas and TCPI showed revenue and profit resilience on stronger cargo volumes and contract wins; firms with diversified freight services fared better.
Toll-road operators - steady but squeezed by taxation and financing. Jasa Marga and Citra Marga delivered revenue growth while net profit faced headwinds from taxes, interest and non-operational items (some YoY compression reported).
Capex & fleet investments continuing. Several shipping and road-transport names signalled capex plans (TCPI armada additions; logistics players expanding capacity) pointing to sector confidence in freight fundamentals.
Section 4 - Outlook for Q4 2025 and beyond
Near term (Q4 2025): Expect continued divergence. Logistics and port operators should benefit from stable commodity and intra-regional trade, while airlines remain sensitive to oil prices and capacity discipline. Toll roads may see better year-end traffic but tax/finance items could temper net margins.
Medium term (2026 and onward): A few pockets to watch: investments in domestic distribution networks and cold-chain logistics (supporting e-commerce & food sectors), consolidation or restructuring in the airline space (to improve profitability), and infrastructure projects (airport and port modernization) that will benefit larger concession holders. Companies that manage fuel/operating cost hedges, and those with flexible asset bases (leasing or mixed fleets) should be comparatively resilient. (Derived from the Q3 2025 commentary and sector CAPEX reports.)
Section 5 - Conclusion
Q3 2025 for Indonesia's listed transport universe painted a tale of two cycles: legacy passenger carriers and airlines remain under pressure and reported losses (notably Garuda and AirAsia Indonesia), while logistics providers, shipping firms and many toll-road operators showed steady earnings and cashflow generation. The sector's immediate performance into Q4 will hinge on fuel prices, cargo demand, and how quickly airlines can stabilize capacity and costs. For investors and stakeholders, the key will be picking operators with strong balance sheets, recurring revenue streams (concessions, long-term freight contracts), or demonstrable turnaround plans for loss-making segments.

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