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.
Bisnis Indonesia - BUMN Karya: ADHI kantongi pembayaran LRT
2 April 2024
By Dionisio Damara
Bisnis, Jakarta – The construction state-owned enterprise (SOE) issuer PT Adhi Karya (Persero) Tbk (ADHI) has received payment for the construction of Jabodebek LRT amounting to Rp23.3 trillion out of a total contract value of Rp25.5 trillion.
Recently, ADHI received payment worth Rp4.1 trillion from the government through PT Kereta Api Indonesia (Persero) for the construction of stations and depot of Jabodebek LRT's first phase.
ADHI Corporate Secretary Farid Budiyanto mentioned that the payment was made upon completion of all phases of the Jabodebek LRT construction, encompassing design planning, structural construction, as well as station and facility development.
Jabodebek LRT has three service routes, namely Cawang-Cibubur, Cawang-Dukuh Atas, and Cawang-East Bekasi. All have been inaugurated on 27 August 2023.
“Overall, ADHI has received payment for the construction of Jabodebek LRT worth Rp23.3 trillion [including VAT] out of a contract value of Rp25.5 trillion based on the addendum 6 contract,” Farid said in his official statement on Monday (1/4).
According to Farid, the payment received by ADHI for Jabodebek LRT will increase its liquidity and strengthen the company’s operating cash flow.
On the other hand, ADHI logged a new contract value of Rp4.8 trillion as of February 2024, which increased by 14% from Rp4.3 trillion last year.
Farid explained that the largest new contracts were the shrimp pond in Sumbawa, the IKN Authority Building, Eka Hospital in BSD, Columbia Asia Hospital in Semarang, and Kamijoro Drinking Water Supply System (SPAM).
The engineering and construction business line accounts for 95% of the new contracts, with the manufacturing business line contributing 3%, and other business lines contributing 2%. In terms of funding sources, contracts from the government make up 83%, while those from the private sector and others constitute 17%.
Furthermore, water resource projects make up 68% of the projects, buildings account for 28%, and other projects constitute 4%.
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