Growth of PT Indomobil Multi Jasa Tbk Supported by the Growth of PT CSM Corporatama Post Covid-19 Pandemic

Even with the Covid-19 pandemic situation in Indonesia in 2020 and 2021, PT Indomobil Multi Jasa Tbk (IMJ) kept showing positive growth. This positive growth was supported by the growth of PT CSM Corporatama (CSM), in which 99.99% owned by IMJ.

CSM focus on providing car rental services (B2B Rental) and logistics services, especially logistics for FMCG industries. Currently, CSM is the third largest rental company in Indonesia, and the largest logistics solution provider in Indonesia (according to Independent Market Research conducted by Frost & Sullivan in 2022). In the Q1 of 2022, CSM contribute positive impact to the profitability of IMJ, by booking revenue of 714 billion IDR and EBITDA of 380 billion IDR.

Both rental segment and logistics segment contribute positive growth to the CSM and IMJ as shown on the graph below:

Figure 1 – Growth of CSM’s Revenue (in billion IDR)

Positive growth on the revenue is supported by the loyal customers of CSM, trusting their car rental needs and logistics needs to CSM, and also supported by the competitive advantages owned by CSM. Some notable customers of CSM including Unilever Indonesia, Mayora, Softex, and Indofood in the logistics segment, and Haleyora, Telkom, Pertamina, BCA, and BNI in the rental segment.

CSM also booked a positive year-on-year growth on EBITDA, with CAGR of 13% from 2019 – 2021. In Q1 of 2022, CSM booked a 40.5% growth on EBITDA (Q1 of 2021 vs Q1 2022) as the Covid-19 situation subsided in Indonesia.

 Figure 2 – Growth of CSM’s EBITDA (in billion IDR)

Financial performance of CSM also continue to improve, as shown below on the Balance Sheet summary.

 Figure 3 – CSM’s Balance Sheet Summary

Anticipating continue high demand from CSM’s customers, CSM will continue to contribute positive impact to IMJ.