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TBS Energi Utama Catat Rugi Bersih Rp 2,7 Triliun di 2025

TBS Energi Utama Catat Rugi Bersih Rp 2,7 Triliun di 2025

PT TBS Energi Utama Tbk (TOBA), perusahaan energi terintegrasi di Indonesia, menorehkan rugi bersih kumulatif sekitar Rp 2,7 triliun sepanjang tahun 2025.

Perubahan ini menandai pembalikan dari posisi laba di 2024, dipicu oleh divestasi aset strategis dan tekanan harga komoditas.

Penyebab Utama Kerugian

Rugi terbesar mencapai Rp 1,6 triliun dari divestasi dua anak usaha, PT Gorontalo Listrik Perdana (GLP) dan PT Minahasa Cahaya Lestari (MCL), senilai US$96,9 juta.

Pendapatan segmen batu bara merosot 62,62% secara tahunan menjadi US$74,98 juta, meskipun pengelolaan limbah melonjak 11 kali lipat ke US$111,9 juta.

Laba bruto terkoreksi tajam ke US$22,03 juta dari US$78,34 juta tahun sebelumnya, ditambah defisit arus kas operasi US$20,45 juta.

Ringkasan Kinerja Kuartalan

Berikut performa rugi bersih TOBA per kuartal 2025 (dalam Rp triliun, estimasi konversi US$1 = Rp15.600):

Kuartal	Rugi Bersih (Rp T)	Faktor Kunci
Q1 2025	~0,9	Rugi operasional
Q2 2025	1,88	Transisi bisnis
Q3 2025	2,12 (9M kumulatif)	Divestasi aset
Full Year	~2,7	Total estimasi

Total aset menyusut menjadi US$805,7 juta dari US$893,7 juta akhir 2024, dengan ekuitas di US$238,1 juta.

Strategi dan Dampak Pasar

TOBA tengah pivoting ke pengelolaan limbah untuk diversifikasi, tapi likuiditas tetap menekan.

Saham TOBA terperosok 31,73% dalam sebulan hingga Oktober 2025, ditutup di Rp850 per saham.

Langkah ini bagian dari adaptasi perusahaan terhadap fluktuasi energi global di 2025.

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