Intan Baru Prana Tbk (IBFN) recorded a profit of 807% YoY

Jakarta – Commercial transportation equipment trading company, PT Intan Baru Prana Tbk (IBFN), showed strong signs of recovery in the first nine months of 2025. Through a business model transformation focused on rental services, the company successfully achieved exponential revenue growth.

Revenue Surge and the Giant Partnership Effect

Based on the latest data as of September 2025, IBFN recorded business revenue of Rp 143.79 billion. This figure represents a fantastic increase of 807% compared to the same period last year, which was only Rp 15.85 billion.

IBFN's President Director, Petrus Halim, revealed that the main key to this growth is the company's success in forging strategic partnerships with major players in the mining and energy sectors, namely:

• PT Petrosea Tbk (PTRO)

• PT Darma Henwa Tbk (DEWA)

• PT Mitra Stania Prima

Fleet Expansion: Purchase of 20 New Heavy Equipment Units

It's not just about recording contracts; IBFN is also strengthening its operational capacity. The company reported a 24% increase in total assets to Rp 500.35 billion. This increase was driven by the management's bold move to add 20 new heavy equipment units through an installment scheme to support high demand in the rental sector.

This step aligns with market trends where contractors are now increasingly opting for rental schemes to maintain financial flexibility and capital expenditure (CAPEX) efficiency.

Sector Diversification Beyond Mining

Although the mining sector in Kalimantan remains a major contributor, IBFN is now beginning to expand its reach to other potential sectors, including:

1. National Infrastructure: Road, bridge, and dam construction projects.

2. Agribusiness: Providing transportation equipment for the plantation sector.

3. Digitalisation: Developing a rental platform to facilitate wider market access.

Financial Analysis: Losses Shrink Amidst Negative Equity

Despite impressive top-line (revenue) growth, IBFN still has work to do on the bottom-line. The company recorded a net loss of Rp 30.63 billion as of the third quarter of 2025. However, this figure represents a significant improvement compared to last year's loss of Rp 77.89 billion.

Management also transparently acknowledged the challenges on the financial statements, where the company's equity was still recorded as negative Rp 763.06 billion. The 12% increase in liabilities to Rp 1.26 trillion was also a focus for management in its efforts to gradually restructure the capital.

Challenges and Risks of the Industry

IBFN management remains vigilant about several risk factors that could affect future performance, such as:

• Intense Competition: Price competition with large-scale rental companies.

• Skilled Labour: The need for reliable technicians to maintain unit condition.

• Payment Risk: Potential for late payments from customers amidst economic fluctuations.