Infrastructure project: ADHI receives LRT payment
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 - Proyek infrastruktur: ADHI raih pembayaran LRT
3 July 2023
By: Nuhansa Mikrefin
Jakarta - The construction state-owned enterprise (SOE) PT Adhi Karya (Persero) Tbk (ADHI) has received a payment of Rp1 trillion for Jakarta, Bogor, Depok, and Bekasi Light Rail Transit (Jabodebek LRT). Meanwhile, ADHI’s subsidiary PT Adhi Commuter Properti Tbk (ADCP) is continuously boosting the recurring income business line.
Adhi Karya Corporate Secretary Farid Budiyanto said that ADHI received a payment for Jabodebek LRT phase 1. The payment was received by ADHI on 27 June 2023.
“The payment was made for the construction from April to December 2022,” Farid said to Bisnis on Sunday (2/7).
Overall, ADHI has received payment for Jabodebek LRT worth Rp16.4 trillion. However, he affirmed that the payment was subject to value-added tax (VAT).
Furthermore, he said that the construction of Jabodebek LRT phase 1 constructed by ADHI has reached 98.9% as of May 2023. Only the depot construction and the system integration are left.
On another development, Adhi Commuter Properti is targeting recurring income to contribute around 15%-20% towards the total revenue in 2023.
ADCP President Director Rizkan Firman said that the recurring income target would be dominated by Hotel GranDhika that is located in Jakarta, Semarang, and Medan. The average occupancy ratio of the hotel portfolio reaches 71.7%.
“Every ADCP business line has a revenue target that has been set at the start of the period, including recurring income,” Rizkan said.
As of the first quarter of 2023, ADCP has secured a revenue of Rp25.86 billion or around 19.41% of the total revenue that reaches Rp133.24 billion. Contribution from the hotel segment increased by 25.37% from Rp20.63 billion to Rp25.86 billion year-on-year (YoY).
In the TOD segment, ADCP has the potential to obtain recurring income from Stay G Apartment Service that was launched using the service residence concept as part of LRT CITY’s portfolio.
