Cikarang Listrindo Boosts Data Center Capacity Guidance Following Third-Quarter Earnings Growth
PT Cikarang Listrindo Tbk reported a net income of US$34 juta pada 3Q26 for the third quarter of 2026, marking a 72% increase quarter-over-quarter and a 91% jump year-over-year, according to financial data analyzed by StockbitDaily. That earnings growth brought the company’s nine-month net income to US$71 juta, representing a 24% rise from the same period last year and achieving 79% of Stockbit’s full-year 2026 forecast. The financial results were published on October 30, 2026. The third-quarter profit included an expected insurance claim revenue of US$7,4 juta. Following the financial release, management hosted an earnings call on Friday, October 30, 2026, to outline revised capital expenditure plans and capacity targets for its industrial customers.
Data Center Expansion Drives Upward Revision in Contracted Capacity Targets
Management raised its contracted capacity projections for data centers to 393 MVA for 2026, 522 MVA for 2027, and 580 MVA for 2028, up from previous forecasts of 303 MVA, 385 MVA, and 447 MVA, respectively. The company also projects capacity to reach 750 MVA by 2030, as reported by StockbitDaily. The upward revisions are supported by existing tenants, with management stating during the earnings call that “pertumbuhan ini belum pernah kami alami sebelumnya.” Contracted data center capacity reached 307 MVA during the first nine months of 2026, surpassing the previous end-of-year projection of 303 MVA. Despite the surging demand, data center contributions to industrial electricity consumption are expected to rise to approximately 13% by the end of 2026, compared to 12% in September.
Short-Term PLN Volume Pressures and Rising Diesel Maintenance Costs
Diesel expenses climbed to US$4 juta in the third quarter of 2026, up sharply from US$0,6 juta in the second quarter. StockbitDaily and management attributed this increase to facility maintenance and gas supply disruptions from Perusahaan Gas Negara ($PGAS), though management expressed hope that supply issues will not persist through the remainder of 2026.
MM2100 Power Plant Expansion and Internal Funding Strategy
Cikarang Listrindo plans to allocate approximately US$240 juta in capital expenditure to expand the MM2100 gas-fired power plant, with commercial operations scheduled to begin in early 2030, as detailed by StockbitDaily. The investment will be funded through internal cash and spread across three years, consisting of ~US$80 juta for new construction and ~US$40 juta in sustaining capex per year. The company held a cash position of US$345 juta as of September 2026.
Share Price Response and Interim Dividend Projections for Shareholders
StockbitDaily reported that investors reacted positively to the financial updates, sending Cikarang Listrindo shares up 5.5% on Friday, October 30, 2026, even as the Jakarta Composite Index fell 0.8%. Operating profit has reached 81% of the estimated US$133 juta annual target, while the full-year 2026 net income estimate is maintained at US$90 juta. That outlook accounts for potential rupiah weakness increasing foreign exchange losses, lower-than-expected PLN volumes, and ongoing risks of gas supply disruptions.
StockbitDaily noted that while capital expenditures starting in 2027 may temporarily reduce the 2027 payout ratio below the previously assumed 95%, the 2026 payout ratio is expected to stay near 95% due to the company’s strong cash reserves. Cikarang Listrindo has a consistent seven-year track record of distributing interim dividends between November and December. Based on an interim payout of 35–39% of nine-month net income and an exchange rate of Rp18.000 per US dollar, the estimated interim dividend could range between Rp27 and Rp31 per share, representing a dividend yield of around 2,9% to 3,2% based on the closing share price of Rp960 on October 30, 2026.
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