JAKARTA – PT Adhi Karya (Persero) Tbk (ADHI) recorded contrasting performance in the first half of 2026. Despite a decline in operating revenue, the state-owned construction company managed to post an increase in net profit, driven by cost efficiency and improved operational performance.
Based on the company’s financial statements, profit attributable to owners of the parent entity reached Rp8.49 billion, up 12.57% from Rp7.54 billion in the same period last year. Meanwhile, operating revenue fell 18.35% to Rp3.11 trillion from Rp3.81 trillion in the first half of 2025. The decline was mainly due to lower revenue across nearly all business segments.
Despite the decline in revenue, Adhi Karya successfully reduced its cost of revenue to Rp2.41 trillion, down around 25.5% compared with the same period last year. The larger decline in costs than in revenue pushed gross profit up 22.28% to Rp700.42 billion.
The efficiency measures also drove stronger operating performance. Operating profit surged 67.69% to Rp316.17 billion. In addition, profit contribution from joint ventures increased to Rp188.41 billion, providing an additional boost to the company’s profitability.
On the other hand, pressure remained on the non-operating side. Finance costs increased to Rp349.17 billion, while losses from associates rose sharply to Rp23.92 billion. The company also recorded net other expenses of Rp35.83 billion, reversing from net other income in the same period last year. As a result, profit before tax declined 17.11% to Rp20.56 billion. However, a reduction in income tax expense to Rp3.04 billion helped keep net profit on an upward trend.
On the balance sheet side, Adhi Karya’s total assets as of June 30, 2026 stood at Rp27.52 trillion, down from Rp28.79 trillion at the end of 2025. Total liabilities also declined to Rp24.21 trillion, while equity was recorded at Rp3.31 trillion.
The first-half performance shows that the company’s efficiency strategy was able to maintain profitability despite continued pressure on revenue. Challenges remain ahead, particularly from high finance costs and weak contributions from several business segments. Nevertheless, cost control has become the key factor supporting the company’s profit growth.
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