Mounting Debt: A Record of Waskita Karya's Assets and Equity Over the Past Four Years

PT Waskita Karya Tbk. will take steps to divest assets from a number of toll road sections it owns. This effort is being made to reduce the company's mounting debt.

According to *Katadata*, Erick Thohir, the Minister of State-Owned Enterprises (SOEs), is planning the divestment because the state-owned company is still awaiting the disbursement of State Capital Participation (PMN).

The divestment of these toll road sections will be carried out until 2025, taking market conditions into account to ensure fair value. Currently, divestment of other toll road sections is still under consideration.

According to editorial records, Waskita Karya previously divested two toll road sections to the Indonesia Investment Authority (INA), namely the Kanci-Pejagan and Pejagan-Pemalang toll roads in September 2022.

(See also: Director Charged with Corruption, Waskita Karya Remains Loss-Making Since Pandemic)

So, what is the total amount of Waskita Karya's assets and debt?

The company's (WSKT) financial statements show that assets in Q1 2023 reached Rp98.22 trillion. Liabilities or debt amounted to Rp84.37 trillion. This debt figure is very high, equivalent to 86% of total assets. Meanwhile, equity or capital reached Rp13.84 trillion.

This liability figure has actually decreased from Q1 2020, when it reached Rp89.01 trillion. Assets were larger then, at Rp105.58 trillion, and equity was Rp16.57 trillion.

Generally, over the past four years, Waskita Karya's debt has been excessively high. Despite this, its assets remain above Rp98 trillion and its equity above Rp13 trillion.

The following are the records of Waskita Karya's assets, liabilities, and equity in Q1 2020-Q1 2023:

* Q1 2020
* Assets: Rp105,588,960,060,005
* Liabilities: Rp89,011,405,294,715
* Equity: Rp16,577,554,765,290

* Q1 2021
* Assets: Rp105,018,030,676,736
* Liabilities: Rp88,524,193,480,503
* Equity: Rp16,493,837,196,233

* Q1 2022
* Assets: Rp98,232,316,628,846
* Liabilities: Rp83,987,631,948,080
* Equity: Rp14,244,684,680,766

* Q1 2023
* Assets: Rp98,224,456,129,867
* Liabilities: Rp84,376,466,375,995
* Equity: Rp13,847,989,753,872

(See also: This SOE Karya with the Largest Debt in Q1 2023)