Nusantara Sejahtera Raya (CNMA), a prominent player in Indonesia’s film exhibition industry, delivered a significant financial rebound in the second quarter of 2025. The company successfully reversed its first-quarter net loss, signaling a potential shift in its operational trajectory, though challenges persist in its half-year performance.
Q2 2025: A Strong Comeback from the Red
CNMA reported a net profit of IDR 358 billion in 2Q25, a remarkable turnaround from the IDR 69 billion net loss recorded in 1Q25. This impressive performance represents a substantial 45% year-over-year (YoY) increase in profitability, demonstrating the company’s ability to capitalize on improved market conditions. The profit surge was primarily fueled by a robust increase in revenue, which climbed to IDR 1.9 trillion. This figure marks an 18% YoY and a staggering 110% quarter-over-quarter (QoQ) jump, indicating a strong sequential recovery in demand for cinematic experiences. Furthermore, disciplined cost management played a crucial role, with the operating expense-to-sales ratio declining to 74%, a significant improvement from 108% in 1Q25, despite being slightly higher than 2Q24’s 70%.
Navigating Half-Year Headwinds: 1H25 Overview
Despite the strong Q2 showing, CNMA’s first-half 2025 (1H25) consolidated net profit reached IDR 288 billion. While positive, this figure still represents a 26% decline YoY. It also translates to only 34% of the consensus 2025 full-year estimates, lagging behind 1H24’s realization of 53% of FY24 actuals. Similarly, total revenue for 1H25 stood at IDR 2.9 trillion, down 3% YoY, and making up only 45% of the consensus 2025 full-year forecasts. This suggests that while Q2 provided a much-needed shot in the arm, the lingering effects of earlier market softness weighed heavily on the cumulative half-year results.
Operational Dynamics: A Mixed Picture
From an operational standpoint, 1H25 presented a mixed bag. The total number of moviegoers declined by 8.6% YoY to 42.5 million. Consequently, the occupancy rate also saw a dip, settling at 24% compared to 26% in 1H24. However, CNMA managed to mitigate some of these volume declines through pricing power, as the average ticket price rose by 4.9% YoY to IDR 46,483. This indicates a strategic balance between attracting audiences and maximizing revenue per patron.
Management’s Outlook: Cautious Optimism
During their earnings call on Monday, July 28th, CNMA’s management reaffirmed their 2025 audience guidance, targeting between 90-92 million moviegoers. However, they also indicated that the actual realization for the year is likely to fall towards the lower end of this projected range. This cautious outlook suggests that while the company sees continued recovery, it remains mindful of the broader market dynamics and potential challenges, perhaps stemming from content pipeline variations or evolving consumer habits.
What This Means for Investors
CNMA’s 2Q25 performance is a testament to its resilience and operational agility in turning a profit. The significant revenue growth and improved cost efficiency are promising indicators. However, the half-year figures, coupled with the tempered guidance for annual audience numbers, highlight that the path to full recovery remains a marathon, not a sprint. Investors will be closely watching if the momentum from Q2 can be sustained and how effectively CNMA navigates the evolving entertainment landscape to meet its long-term targets. For detailed insights, stakeholders can review the official financial report here.