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 - Adhi Karya raih kontrak baru Rp37 triliun
11 January 2024
Jakarta, ID – In 2023, PT Adhi Karya Tbk (ADHI) secured new contracts worth Rp37.4 trillion, marking a 58% increase from Rp23.7 trillion in the previous year. The contract realisation exceeded the company’s target, which aimed for a growth of 15%-20%.
“ADHI’s new contract realisation is primarily driven by the engineering and construction business line, constituting 93% of the total. Meanwhile, the manufacturing business line contributes 3% to the realisation. The remaining portion is attributed to the property and hospitality as well as the investment business lines,” Adhi Karya Corporate Secretary Farid Budiyanto said in his official statement on Wednesday (10/1/2024).
Farid continued that ADHI’s new contracts in December 2023 included Serang-Panimbang Toll Road Section 3 in Banten Province, Bank Indonesia Data Centre in Karawang, Karangjoang-Kariangau Segment of IKN Toll Road Section 3A-2 in Nusantara Capital City (IKN), IKN Hospital, IKN Waste Pipeline Network, and Mandaya Royal Jakarta Hospital that is constructed through a subsidiary.
“Throughout 2023, ADHI’s new contract profile consisted of various funding sources. Breaking it down, 43.6% originated from SOE (State-owned Enterprise) and BUMD (Regional State-owned Enterprise) contracts, 33.5% from government [contracts]. 13.8% from loans, and 91% from private [contracts],” Farid revealed.
Based on the type of work, he continued that the largest contribution came from road and bridge projects as they represent 41% of the contracts. The projects are dominated by toll road projects, which include Jakarta-South Cikampek Toll Road, Probolinggo-Banyuwangi Toll Road, IKN Toll Road Package 6, Karangjoang-Kariangau Segment of IKN Toll Road Section 3A-2, and Bayung Lencir-Tempino Toll Road. Besides that, there are building projects that represent 22% of the contracts, transportation infrastructure projects that represent 16% of the contracts, EPC projects that represent 6% of the contracts, and manufacturing projects as well as other projects that represent the rest of the contracts.
In 2023, according to Farid, the highest-value new contract was the railway infrastructure project in the Philippines (South Commuter Railway CP S-03C and Malolos-Clark Railway CP S-01 Package) with ADHI’s portion amounting to Rp3.9 trillion. The contract was signed in July 2023 and witnessed by the President of the Philippines. Then, it is followed by Jakarta-South Cikampek Toll Road worth Rp2.1 trillion, PUSRI IIIB Factory worth Rp1.4 trillion, and various facilities and infrastructure projects in IKN.
