MAP Boga Posts Rp157.5 Billion Loss Despite Revenue Growth to September

PT MAP Boga Adiperkasa Tbk (MAPB), which operates Starbucks outlets in Indonesia, recorded revenue of Rp2.56 trillion (Indonesian rupiah) in January–September 2026. However, higher sales did not translate into improved profitability: the net loss attributable to owners of the parent company reached Rp157.50 billion, widening by 44.91% compared with the same period a year earlier.

Revenue grows, but the bottom line fails to improve

According to the company’s financial statements, reported by Warta Ekonomi on 27 October 2026, MAPB’s revenue increased by 9.02% year on year. In the first nine months of 2025, the company recorded revenue of Rp2.35 trillion. This represents an increase of approximately Rp210 billion in the current reporting period.

These figures show sales growth at company level. However, that growth was accompanied by higher losses. MAPB’s net loss for January–September 2025 stood at Rp108.69 billion, below the loss recorded in the corresponding period this year.

Distinguishing between revenue and profit is important when interpreting these results. Revenue represents the value of sales recorded, while the company’s bottom line also reflects costs and other expenses. In MAPB’s case, the additional sales were not enough to improve that bottom line.

For those in the franchise sector, the report offers a more detailed basis for assessment than turnover growth alone. Sales performance and the ability to maintain profitability need to be considered together, rather than treating higher revenue as an automatic sign of better financial health.

Cost of sales rises faster than revenue

One source of pressure evident in MAPB’s results is the increase in its cost of sales. For the period to the end of September 2026, this reached Rp831.12 billion, compared with Rp719.56 billion in the same period a year earlier.

The cost of sales rose by 15.50% year on year, an increase of approximately Rp111.56 billion. This outpaced the company’s revenue growth of 9.02%, putting pressure on its gross profit margin.

In absolute terms, gross profit still increased. MAPB recorded gross profit of approximately Rp1.73 trillion in January–September 2026, compared with around Rp1.63 trillion in the first nine months of 2025. However, its gross profit margin fell from approximately 69.38% to 67.53%.

In other words, the company generated more gross profit in rupiah terms, but gross profit accounted for a smaller share of revenue. These two indicators are not contradictory: higher sales can generate additional gross profit while still producing a lower margin when the cost of sales grows faster.

The figures show why changes in costs need to be compared with changes in revenue, rather than viewed in isolation. An increase in gross profit in absolute terms does not, on its own, capture the full pressure on the company’s profitability.

Losses widen and total assets decline

Pressure on the bottom line is reflected in an additional loss of approximately Rp48.81 billion compared with January–September 2025. The loss for the period attributable to owners of the parent company increased from Rp108.69 billion to Rp157.50 billion.

The net loss as a proportion of revenue also widened, from approximately 4.63% to 6.15%. This means that losses increased not only in absolute terms, but also relative to revenue. It reinforces the point that sales growth has not been accompanied by improved profitability.

On the balance sheet, MAPB’s total assets stood at Rp2.54 trillion as at 30 September 2026. This was down 9.61% from Rp2.81 trillion as at 31 December 2025.

The comparison period for assets should be distinguished from those for revenue and losses. Revenue and net loss are compared across the first nine months of 2026 and the first nine months of 2025. The asset position at the end of September 2026, meanwhile, is compared with the position at the end of December 2025.

All these figures reflect MAPB’s performance at company level. The company’s losses should not be treated as a direct measure of losses at individual Starbucks outlets, as the reporting scope is different.

Lessons for assessing performance in the franchise sector

MAPB’s report brings together three indicators: rising revenue, a declining gross profit margin and a widening net loss. All three need to be considered together to understand the direction of performance, particularly when sales growth appears positive.

As MAPB enters the fourth quarter of 2026, cost control, the sustainability of sales growth and margin improvement will be key areas to watch in its subsequent results. The report to September shows pressures that have already emerged; it does not establish what the full-year outcome will be.

For prospective partners and business operators in the franchise sector, the practical lesson is to examine turnover, cost of sales, margins and net results together. Use data at the level of the business being assessed, and make sure the comparison periods are equivalent before drawing conclusions.