ROADS TO SUCCESS
Forbes Indonesia|November 2021
JUSUF HAMKA ASPIRES TO TURN CITRA MARGA NUSAPHALA PERSADA INTO A RP100 TRILLION COMPANY, IN TERMS OF ASSETS.
ELISA VALENTA

THE IR. WIYOTO WIYONO elevated toll road stretches over 40 kilometers, linking Cawang in East Jakarta and Tanjung Priok in North Jakarta. Developed by PT Citra Marga Nusaphala Persada (CMNP), and opened in mid-1987, it was the first raised toll road in Indonesia. The project was conceived to alleviate the heavy congestion in this part of Jakarta and has since become one of the busiest toll roads in the country.

The country’s first elevated toll road, its construction utilized the then new sosrobahu or “thousand shoulders” technique, one invented by Indonesian engineer, Tjokorda Raka Sukawati. The technique allows for new flyovers to be built over existing major roads with minimal disruption by allowing for the horizontal supports to be built on-site and then pivoted onto the vertical supports to create the pylons supporting the new road, without having to close the existing road. This technique has grown in popularity and is now widely used to construct elevated roads.

As the country's first private toll road, the Wiyoto Wiyono has so far seen a volume of more than 150 million vehicles and generated at least Rp850 billion in revenue during its concession period to date. The concession runs until 2060. I never imagined myself entering the toll road business. However, I have faith in the future of our country's infrastructure, says Mohammad Jusuf Hamka, CMNP's driving force and owner of 60% of the company.

CMNP currently holds six toll road concessions totaling nearly 200 kilometers in length. With a market capitalization of almost Rp7 trillion. CMNP is the second largest private toll road operator in the country, after Astra Infra, which operates 350 kilometers of concessions.

CMNP recently completed the 28-kilometer Depok-Antasari toll road which it will operate on a 35year concession. The project's majority shareholder, owning 62.5% of shares, CMNP partnered with state-owned PT Waskita Toll Road and PT PP (Persero). The consortium invested up to Rp6.6 trillion in the project last year which was built to assist commuters between Depok and Jakarta.

According to Jusuf, traffic projections are a critical factor in determining the viability of each CMNP toll road project. Each toll road section presents a unique set of risks, and the company has chosen to focus exclusively on metropolitan toll roads. The majority of traffic outside of major cities occurs during holidays such as Eid or Christmas. That is why we prefer to work on toll roads in densely populated areas, he explains.

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