Two Jakarta-Owned Enterprises Report Losses Throughout 2025

JAKARTA, Jakartaweekly.com—Two Jakarta-owned regional enterprises (BUMDs) operating in the food and property sectors reported losses throughout 2025. The companies are PT Food Station Tjipinang Jaya and PT Jakarta Propertindo (Jakpro). 

Stagnant economic growth, climate-related challenges, and rising geopolitical tensions emerged as key headwinds affecting the performance of both companies. Climate-related distruptions, for instance, drove rice prices significantly higher at the production level. This situation placed considerable pressure on Food Station Tjipinang Jaya, which has been assigned by the government to help stabilize rice prices. 

Meanwhile, Jakpro recorded substantial losses due to the depreciation expenses associated with government-assigned assets. The company posted a net loss exceeding Rp500 billion in 2025. Below a closer look at the performance of the two enterprises: 

PT Food Station Tjipinang Jaya

In 2025, according to data from the Regional-Owned Enterprises Development Agency (Badan Pembinaan BUMD), Food Station Tjipinang Jaya recorded a net loss  Rp23.59 billion. This marked the company’s first annual loss in the past four years. In comparison, the company posted a net profit of Rp11.59 billion in 2024. 

The loss was primarily driven by a significant decline in revenue. Food Station, which is mandated by the government to help control rice prices, saw its revenue fall by 31% year-on-year from Rp2.29 trillion to Rp1.58 trillion. 

In addition to providing affordable prices, Food Station generates income through warehouse and retail space rentals at the Cipinang Rice Main Market. The company also distributes various food products beyond rice, including eggs, UHT milk, wheat flour, cooking oil, sugar, bottled water, and other staple commodities. 

Food Station has also partnered with major modern retail chains and e-commerce platforms, including Lotte, Alfamart, Indomart, Superindo, Food Hall, Ranch Market, Tokopedia, Shopee, and many more. 

However, during a working meeting with Commission C Jakarta Regional House of Representatives (DPRD) on April 27, President Director Dodot Tri Widodo stated that the company had temporarily halted rice supplies to modern retailers. According to him, the segment has the potential to further increase the company’s losses. 

During the meeting, Dodot explained that the losses were largely caused by high production costs that exceeded the government’s highest retail price (HET) for rice. The situation was driven by rising paddy prices and increasing costs for various components, including packaging materials. 

He noted that paddy prices in the market had reached Rp7,500 per kilogram (kg). Once processed into rice, production costs climbed to approximately Rp15,000 per kg. By comparison, the government’s HET stands at Rp14,900 per kilogram for premium price and Rp13,500 per kg for medium-grade rice. 

Despite the losses, Food Station continued carrying out government assignments, including subsidized food programs and low-cost food markets (Pasar Murah). 

The situation is consistent with findings from Center for Indonesian Policy Studies. According to CIPS, producer-level rice prices increased by 7.97% year-on-year in September 2025. During the same period, wholesale prices rose by only 1.37%, while consumer prices increased by 2.93%.

Data from Statistics Indonesia also showed that prices at the rice milling level remained higher than those at wholesale and retail levels. As of December 2025, rice prices at the milling level rose 6.38% year-on-year, compared with 5% at the wholesale level and 3.64% at the retail level.

PT Jakarta Propertindo (Jakpro)

The second Jakarta-owned enterprise that reported losses was PT Jakarta Propertindo (Jakpro). The property developer recorded a net loss of Rp596.64 billion in 2025, up 15% from a loss of Rp518.41 billion in the previous year.

As of now, Jakpro has not yet released its audited 2025 financial statements. However, Jakarta’s Regional House of Representatives had already raised concerns about the company’s performance during discussions in September 2025. The company was criticized for its inability to contribute dividends to the regional government’s coffers.

Suhud Alynuddin, Secretary of Commission C of the Jakarta DPRD, stated that discussions during the meeting revealed that many of Jakpro’s assets remain underutilized. This condition is believed to have contributed to losses through substantial depreciation expenses.

Jakpro serves as the Jakarta provincial government’s primary vehicle for developing infrastructure, property projects, and public services. Based on the company’s financial statements for 2023 and 2024, general and administrative expenses consistently ranged between Rp600 billion and Rp700 billion annually. Within these expenses, depreciation and amortization costs accounted for approximately Rp218 billion to Rp277 billion.

The company also continued to incur various operating expenses, including maintenance costs, property taxes, and other administrative expenditures.

Jakpro manages a diverse portfolio of strategic assets and infrastructure projects, including the De Paradiso Apartment, the Cinere–Serpong Toll Road, Pantai Kita Maju, the Jakarta International Velodrome, the Jakarta LRT, the Jakarta International Stadium, Formula E-related facilities, equestrian venues, fuel and gas stations, as well as water treatment plants in Pluit and Hutan Kota.

Over the past two years, the company’s largest revenue contributor has been the Jakarta LRT. Other revenue sources include profit-sharing contracts under OSES agreements, sales of building units and apartments, fuel and gas station operations, rental income, information and communication technology services, hotel operations, water management services, joint operation agreements, parking services, property management activities, Formula E-related operations, land sales, and other business activities.

Nevertheless, the company’s broad asset portfolio has yet to generate sufficient returns to offset the significant depreciation burden, resulting in another year of substantial losses in 2025.