PT Armada Berjaya Trans Tbk (JAYA) managed to score a solid financial performance last year. Based on the company's financial statements published on Friday (19/3), JAYA's profit for the year 2020 reached Rp3.03 billion or an increase of 106.12% compared to the same period in 2019 of Rp1.47 billion.

The company obtained an increase in net profit after JAYA's net income rose 3.26% to Rp65.48 billion in 2020. Revenue from related parties contributed Rp11.48 billion, and revenue from third parties contributed Rp53.99 billion.

Based on customer details, the largest contribution to revenue value came from PT Muliaglass with 19%, PT Fajar Surya Wisesa with 18%, PT Prima Globalindo Logistik 17%, and PT Trans Nectar with 13%.

With the increase in revenue, JAYA's cost of revenue was recorded to have increased by 6.95% to Rp45.96 billion last year from the original Rp42.97 billion. As a result, JAYA's gross profit was Rp19.52 billion, or a 4.54% decrease from 2019.

JAYA also experienced a decrease in the interest cost to Rp2.38 billion in 2020 from Rp3.07 billion in 2019. Also, this issuer pocketed a profit on sales of securities of Rp1.36 billion and posted vehicle insurance claim revenue of Rp399.24 million.

As a result, Armada Berjaya earned a profit for the year of Rp3.03 billion or surged more than 100% of the current year's profit of Rp1.47 billion.

As of the end of 2020, JAYA's total liabilities were at Rp15.46 billion or decreased by 45.6% from the previous Rp28.41 billion.