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Investor Daily - Kontrak BUMN Karya ambles di kuartal I-2024
2 May 2024
By Muawwan Daelami
Jakarta, ID – The new contract value realisation of construction state-owned enterprise (SOE) issuers in the first quarter of 2024 decreased by 26.62% from Rp23.78 trillion last year to Rp17.45 trillion. The worst decline was experienced by PT Waskita Karya Tbk (WSKT), reaching -54%.
In the first three months of this year, the issuer with the ticker code WSKT realised a new contract value of Rp2.16 trillion, less than half of their new contract value realisation in the first quarter of 2023, which amounted to Rp4.7 trillion.
Waskita Finance Director Wiwi Suprihatno revealed that the majority of Waskita’s new contract value stemmed from subsidiaries, contributing Rp1.2 trillion or 57%. This contribution was followed by the connectivity sector at 28% and the building sector at 11%. “The rest came from water resources and other sectors,” Wiwi told Investor Daily recently.
This year, Waskita is targeting to secure new contracts worth Rp17 trillion, which is higher by 6.25% from its new contract value realisation in 2023, which was Rp16 trillion. In terms of revenue, WSKT expects it to grow to Rp14 trillion in 2024.
Leading contract realisation
Meanwhile, PT Adhi Karya Tbk (ADHI) leads with a new contract realisation of Rp5.5 trillion compared to other construction SOEs. However, the new contract realisation is still far lower than its realisation in the first quarter of 2023, which stood at Rp8.9 trillion.
Adhi Karya Corporate Secretary Farid Budiyanto stated that ADHI secured a new contract value of Rp5.5 trillion in the first three months of this year, primarily propelled by the water resources sector. “Projects in the water resources sector account for 59%, followed by the building sector at 33%, with the remaining percentage allocated to other sectors.,” Farid revealed to Investor Daily.
Until now, ADHI is still working on several ongoing projects, such as Yogyakarta-Solo and Yogyakarta-Bawen toll roads. Then, there are also Patimban Access toll road, Probolinggo-Banyuwangi (Probowangi) toll road, the railway project in the Philippines, and the shrimp pond project in Lombok.
Some of the projects are carryover projects. The new project is the shrimp pond in Lombok. Meanwhile, in Nusantara Capital City (IKN), ADHI is working on 18 projects with a total value of Rp7.6 trillion. Out of the 18 projects in IKN, ADHI has completed 4 projects and is now working on the 14 remaining projects with an average progress of 14%.
On the other hand, there is PT Wijaya Karya Tbk (WIKA) that logged a new contract realisation of Rp5.04 trillion in the first quarter of 2024. This number decreased by 17.38% from Rp6.1 trillion in 2023.
WIKA President Director Agung Budi Waskito (BW) revealed that the largest contributor to the new contracts was the industry segment, followed by infrastructure and building, EPCC, as well as property and investment segments. The industry segment’s significant contribution is attributed to the brilliant performance of WIKA Beton as the leading company in the precast concrete industry.
“In terms of ownership, most of the projects secured by WIKA came from the government and SOEs using the monthly progress payment scheme,” Agung said in his official statement on Tuesday (30/4/2024).
Some of the projects secured by the company in March 2024 included the continuity of the second phase of Jl. Sumbu Kebangsaan Timur in IKN, the Rorotan RDF Plant in Jakarta, Serang-Panimbang toll road section 3B, and several other projects of subsidiaries.
Growing contracts
Meanwhile, PTPP has seen a better fate with a new contract growth of 16.42% to Rp4.75 trillion in the first quarter of 2024, up from Rp4.08 trillion in the first quarter of 2023.
PTPP Corporate Secretary Bakhtiyar Efendi mentioned the new contract realisation was mostly contributed from infrastructure projects, building projects, and EPC projects. “In detail, 62% were from infrastructure projects, 29% from building projects, 4% from EPC projects, and 5% from other projects of subsidiaries,” Efendi revealed to Investor Daily.
This year, PTPP is targeting to secure new contracts worth Rp31 trillion. Efendi said that the target was not far from last year’s target. This year, there are many delayed projects.
In the future, the state-owned construction issuer will still rely on government projects funded by the state budget (APBN) and national strategic projects (PSNs).
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