Depok (ANTARA) – Improvements in profitability and operational efficiency are positive signs for the competitiveness of the national industry and reinforce optimism regarding the investment climate in Indonesia.
One such indicator is demonstrated by PT Intikeramik Alamsari Industri Tbk (IKAI), which successfully turned around its financial performance in the second quarter of 2026. The company recorded an improvement in revenue quality, with its gross profit margin rising 43 percent compared to the same period last year.
The company’s revenue in the second quarter of 2026 reached Rp63 billion, driven by the success of the recovery program implemented by management.
Meanwhile, cost of revenue was successfully reduced by 40 percent compared to the second quarter of 2025, reflecting improved operational efficiency.
PT IKAI Director Emirza Eibowo stated that these achievements demonstrate a fundamental improvement in the company’s business following its recent recovery process.
“This performance reflects the company’s ability to generate sustainable profitability. From an operational perspective, IKAI’s production cost efficiency and pricing strategy remain well-maintained,” said Emirza on Thursday.
According to him, the success in maintaining competitiveness amid the recovery period serves as proof that the company is capable of sustaining its selling prices while simultaneously improving production cost efficiency.
This improvement is also reflected in operating income, which has returned to positive territory.
PT IKAI President Director Desra Ghazfa explained that efficiency in sales, administrative, general, and other operating expenses was the main factor supporting the increase in profitability.
“This indicates that sales, administrative, general, and other expenses have demonstrated successful efficiency measures, thereby contributing to the company’s profitability,” said Desra.
In the second quarter of 2026, IKAI posted an operating margin of 15.75 percent, with EBITDA reaching Rp31 billion. The company also reported net income of Rp14.6 billion, a 166 percent increase year-on-year (YoY). The net profit margin ratio also increased to 23 percent, representing growth of approximately 169 percent compared to the same period the previous year.
According to Desra, this achievement is a strong signal that the company’s operational profitability has returned to a growth trajectory after previously facing pressures.
On the balance sheet, IKAI’s total assets stood at Rp1.165 trillion, with cash on hand of Rp28 billion. Total liabilities were at Rp496 billion, including short-term liabilities of Rp160 billion. Meanwhile, total equity reached Rp669 billion, reflecting a capital structure that remains solid.
The company also reported an interest coverage ratio of 4.38 times, indicating that operating profit remains sufficient to meet loan interest payment obligations. This condition is seen as providing the company with greater flexibility to support business expansion in the coming period.
The company’s liquidity has also strengthened, nearly doubling compared to the end of last year. This was supported by positive financing cash flow of Rp90 billion and positive free cash flow of approximately Rp24 billion, which have bolstered financial flexibility during the recovery process.
In the capital market, the Company’s market capitalization currently stands at around Rp293 billion with a Price-to-Book Value (PBV) ratio of 0.44 times. A PBV below one indicates that the company’s shares are still trading below their book value, while also opening up opportunities for valuation growth if the trend of performance recovery continues.
IKAI Chairman of the Board of Commissioners Wiliam Daniel stated that the combination of a return to positive EBITDA, improved net income, a healthy capital structure, and strong cash flow serves as a crucial foundation for the company’s business sustainability.
“The company has demonstrated a recovery trend, revenue growth, improved net income for the current period, a relatively healthy capital structure with a low debt ratio, and supportive cash flow—all of which are factors underpinning the company’s business sustainability,” he said.
“Moving forward, management will continue to focus its strategy on increasing sales volume, improving operational cost efficiency, optimizing working capital, and strengthening operating cash flow to enhance financial performance sustainably,” said Wiliam.
