Waskita Karya earned a revenue of Rp15.3 trillion
This article has been translated by PwC Indonesia as part of our Indonesia Infrastructure News Service. PwC Indonesia has not checked the accuracy of, and accepts no responsibility for the content.
Investor Daily - Waskita Karya raih pendapatan Rp15,3 triliun
10 April 2023
Jakarta - PT Waskita Karya Tbk (WSKT) earned a business revenue of Rp15.3 trillion in 2022, which increased by 25.2% from the previous year in which the company obtained Rp12.22 trillion. The growth is mostly sustained by revenue from construction services that increased by around 33.46% to Rp13.56 trillion last year, followed by toll road revenue and precast sales that earned Rp916.56 billion and Rp344.71 billion respectively.
“The employer that contributes to the revenue by more than 10% is BPJT-PT Waskita Sriwijaya Tol that contributes Rp3.46 trillion and the Public Works and Housing (PUPR) Ministry that contributes Rp2.94 trillion,” Waskita’s management wrote in their financial report quoted on Sunday (9/4/2023).
In 2022, the state-owned issuer logged a net loss of Rp1.89 trillion, which increased by 73.3% from Rp1.09 trillion in the previous year. The loss increase is caused by the asset revaluation deficit to minus Rp377 million from a surplus of Rp79.24 billion. A drastic change also occurred in the net defined rewards program that decreased to minus Rp34.91 billion in 2022 from Rp41.3 billion in 2021.
The company still has assets of Rp98.23 trillion as of 31 December 2022, which decreased from Rp103.6 trillion at the end of 2021. The total assets last year consisted of current assets that reached Rp33.43 trillion and non-current assets that reached Rp63.8 trillion.
Waskita still logged a total liability of Rp83.98 trillion. This amount of liabilities decreased from Rp88.14 trillion on 31 December 2021. On the other hand, the company had a total equity of Rp14.24 trillion at the end of last year, which decreased from Rp15.46 trillion in the previous year.
The construction state-owned enterprise (SOE) recently affirmed their plan to increase their capital by conducting a rights issue. According to Waskita Karya President Director Destiawan Soewardjono, the company is planning to carry out a corporate action soon.
This is revealed in the company’s disclosure when they responded to the request for explanation from Indonesia Stock Exchange (IDX) some time ago. The plan is to increase their capital through a rights issue that was delayed last year.
“The PUT III private placement is planned to be carried out in 2023,” Destiawan explained.
Destiawan continued that Waskita Karya would propose for an approval at the annual general meeting (AGM) that is planned to be held in the first half of 2023.
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