New contracts of construction issuer: ADHI bags Rp4.3 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.
Bisnis Indonesia - Kontrak baru emiten konstruksi: ADHI kantongi Rp4,3 triliun
16 March 2023
By: Nuhansa Mikrefin Y.P
Jakarta - PT Adhi Karya (Persero) Tbk (ADHI) secured new contracts worth Rp4.3 trillion in February 2023, which grew 35.5% year-on-year (YoY).
Adhi Karya Corporate Secretary Farid Budiyanto said that the new contract realisation that reaches Rp4.3 trillion is a sign of the company’s performance improvement.
The new contract realisation is dominated by road and bridge projects by 64%, building projects by 16%, and water resources projects by 13%. Meanwhile, the rest are energy and property projects.
He hopes that new contracts this year will grow up to 15%. Hence, the company’s financial performance can grow by double digits.
“Revenue grew 10%-15% and net profit grew 20%-25%,” Farid said in his written statement on Tuesday (15/3).
ADHI’s money-making machine includes the construction of Malolos-Clark Railway Project worth Rp5 trillion in the Philippines that is set to commence construction in 2023. The project is a collaboration between ADHI and PT PP (Persero) Tbk (PTPP). ADHI’s portion reaches 51%.
Adhi Karya President Director Entus Asnawi said that, for the first package, the company received a contract worth Rp3.5 trillion. Financing for this project mostly comes from Asian Development Bank (ADB).
Besides that, ADHI has ongoing contracts in the toll road sector worth Rp14.9 trillion that includes Sigli-Banda Aceh toll road that has a contract value of Rp9.5 trillion.
The construction progress of Sigli-Banda Aceh toll road that spans 74 kilometres (km) has reached 99.04%%. ADHI has also received a payment of Rp7.1 trillion for the project.
Then, another project that is also focused on by the company is Solo-Yogyakarta-Kulonprogo toll road that spans 96.5 km. The construction progress of the project has reached 46.9% with package 1.1 (Solo-Klaten) being completed.
Then, there is Yogyakarta-Bawen toll road project that spans 75.8 km with a construction progress of 25.7%. ADHI’s construction scope includes section 1 (Yogyakarta-Banyurejo) and section 6 (Ambarawa-Bawen).
The company will also receive fresh funds from the Light Rail Transit (LRT) project. Entus said that Rp4.2 trillion will be received by the company in July. Entus said that the company has received Rp17 trillion for the LRT project.
