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Annual Reports

PT Cahaya Aero Services Tbk's annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.

PT Cahaya Aero Services Tbk — FY2025 Annual Report — FY2025

Management's fullest account of the first full year under EMTEK control — new name, redrawn segments, and a candid forward risk. · Open the full document →

Ikhtisar Data Keuangan Penting / Key Financial Data Highlights — p. 10 · Read the full section →

Three-year P&L, margins and cash flow on two pages — the numbers behind the story, at a glance.

Three-year income summary: revenue Rp3.26tn (2025) vs Rp2.20tn (2023), profit for the year Rp839.5bn.
p. 10 — Three-year income summary: revenue Rp3.26tn (2025) vs Rp2.20tn (2023), profit for the year Rp839.5bn. · Open source page →
Key ratios and cash flow: 29.5% operating margin, 37.3% ROE, current ratio 3.0, DER 0.4.
p. 11 — Key ratios and cash flow: 29.5% operating margin, 37.3% ROE, current ratio 3.0, DER 0.4. · Open source page →

Riwayat Singkat Perseroan / Brief History of the Company — p. 48 · Read the full section →

How a 1973 JAS ground-handling business passed from SATS to EMTEK control and became Cahaya Aero Services.

EMTEK's PT Roket Cipta Sentosa lifts its stake to 61% and renames the company in 2025.

On April 25, 2024, PT Roket Cipta Sentosa, a subsidiary of PT Elang Mahkota Teknologi Tbk ("EMTEK Group"), acquired 51% of the Company’s shares, making it the new controlling entity.

On April 11, 2025, Cemerlang Pte. Ltd. transferred 10% of its shareholding in the Company to PT Roket Cipta Sentosa, resulting in PT Roket Cipta Sentosa holding 61% of the Company’s shares.

In mid-2025, the Company changed its name from PT Cardig Aero Services Tbk to PT Cahaya Aero Services Tbk pursuant to a resolution of the Extraordinary General Meeting of Shareholders, as set forth in Deed No. 07 dated 25 April 2025 and changed its domicile from East Jakarta to Tangerang City.

p. 49 · Read in context →

Informasi Pemegang Saham Utama / Information of Majority Shareholder — p. 78 · Read the full section →

Who controls the company: 61% held by EMTEK's vehicle, ultimate beneficial owner Eddy K. Sariaatmadja.

Controlling shareholder and ultimate beneficial owner as at 31 December 2025.

As of December 31, 2025, the Company’s major shareholder and controlling party is PT Roket Cipta Sentosa, holding 61% of shares. In accordance with POJK No. 45/POJK.04/2024, ownership of more than 50% of voting rights designates PT Roket Cipta Sentosa as the controlling party. The ultimate beneficial owner is Mr. Eddy K. Sariaatmadja.

p. 78 · Read in context →

Group structure chart: Eddy K. Sariaatmadja → EMTEK → PT Roket Cipta Sentosa → CAS Group.
p. 78 — Group structure chart: Eddy K. Sariaatmadja → EMTEK → PT Roket Cipta Sentosa → CAS Group. · Open source page →

Entitas Anak dan Afiliasi / Subsidiaries and Affiliates — p. 79 · Read the full section →

How CASS actually earns: the operating subsidiaries — JAS, JAE, PMAD — with ownership stakes and asset base.

Six subsidiaries by domicile, business type, ownership % and total assets — JAS (Rp1,887bn) is the engine.
p. 79 — Six subsidiaries by domicile, business type, ownership % and total assets — JAS (Rp1,887bn) is the engine. · Open source page →

JAE, the aircraft maintenance (MRO) arm, described.

JAE is a Maintenance, Repair, and Overhaul (MRO) company that provides maintenance and technical handling services for both domestic and international aircraft. These services include regular maintenance inspections and in-depth checks to ensure aircraft safety and operational reliability.

p. 80 · Read in context →

Tinjauan Operasional per Segmen / Operational Overview by Segment — p. 102 · Read the full section →

2025's reporting reset — four segments collapsed into Aviation and Non-Aviation — plus the growth behind each.

Management explains the move from four segments to two, effective 2025.

As part of its ongoing efforts to sharpen business focus and enhance transparency for stakeholders, the Company implemented an adjustment to its operational segment structure in 2025. While in the previous period the Company’s performance was reported across four (4) business segments, starting in 2025, the Company consolidated all of its operational activities into two (2) segments, namely Aviation Services and Non-Aviation Services.

p. 102 · Read in context →

Aviation segment: revenue +20.6% to Rp3.21tn, operating profit +23.5% to Rp940.7bn.
p. 105 — Aviation segment: revenue +20.6% to Rp3.21tn, operating profit +23.5% to Rp940.7bn. · Open source page →

Tinjauan Keuangan / Financial Review — p. 108 · Read the full section →

Management's read on the balance sheet: assets +21.6%, equity +38.8%, liabilities down, cash building.

Statement of financial position: total assets Rp3.23tn (+21.6%), equity Rp2.25tn (+38.8%), liabilities −5.3%.
p. 108 — Statement of financial position: total assets Rp3.23tn (+21.6%), equity Rp2.25tn (+38.8%), liabilities −5.3%. · Open source page →

Cash grew from Rp1.5tn to Rp1.8tn, strengthening liquidity.

Overall, this increase in Current Assets reflects a stronger liquidity position for the company, with significant cash growth providing greater financial flexibility to support its operations and business strategy.

p. 110 · Read in context →

Prospek Usaha / Business Prospect — p. 126 · Read the full section →

The risk that could genuinely bite: Middle East airspace closures already cut handled flight volumes 15–20%.

Management warns of a 15–20% volume decline and a real risk of a 2026 loss if the conflict persists.

This global aviation crisis massively pressures the operations of the Company's subsidiaries. Airspace closures forced Middle Eastern airlines to halt nearly all of their operations, including routes to cities in Indonesia. This impacted a 15-20% decline in flight volumes handled by JAS, JAE, and PMAD. Should the geopolitical conditions in the Middle East fail to improve, worsening the aviation fuel crisis, the Company projects that not only to Middle Eastern airlines, other global airlines will also experience operational impacts, causing the flight volumes handled by the Company's subsidiaries to decline even further.

This operational decline is experienced across all of the Company's core business units, including Ground Handling, Cargo Handling, Line Maintenance, and Inflight Catering services. Financially, the Company recorded a revenue decline of up to 30% for each day the closure of Middle Eastern airspace continues.

Considering the uncertain resolution of the conflict, the Company has decided to comprehensively review and postpone its strategic development initiatives and diversification projects until regional stability and market visibility are demonstrably restored.

If geopolitical instability persists and significantly further affects the flight frequencies of non-Middle Eastern airlines, the Company faces a real potential and risk of recording a loss for the 2026 financial year.

p. 127 · Read in context →

More annual reports

PT Cardig Aero Services Tbk — FY2024 Annual Report — FY2024 · 542 pages · The transition year: EMTEK's PT Roket Cipta Sentosa acquired 51% control in April 2024, still under the old four-segment structure. · Open →

PT Cardig Aero Services Tbk — FY2023 Annual Report — FY2023 · 434 pages · Last full year under SATS as majority owner, showing the pre-EMTEK baseline and post-pandemic recovery. · Open →

PT Cardig Aero Services Tbk — FY2022 Annual Report — FY2022 · 340 pages · Early recovery year as aviation traffic returned after COVID-19 restructuring. · Open →

PT Cardig Aero Services Tbk — FY2021 Annual Report — FY2021 · 332 pages · Pandemic-trough report documenting the efficiency and restructuring measures that reshaped the group. · Open →