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WIKA and PTPP Merger Announced: What About Their Financial Aspects?

Erlina Fury Santika 18/12/2023 16:33 WIB

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Two state-owned enterprises (SOEs), PTPP and WIKA, are reportedly planning a merger. What is the financial health of both companies?

WIKA and PTPP Assets to Profit (September 2023)

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WIKA and PTPP Merger Announced: What About Their Financial Aspects?

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WIKA and PTPP Assets to Profit (September 2023)

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Two state-owned enterprises (SOEs), PT Pembangunan Perumahan Tbk. (PTPP) and PT Wijaya Karya Tbk. (WIKA), are reportedly slated for a merger.

According to *Katadata*, Novel Arsyad, the President Director of PTPP, stated that the merger proposal is still under review by the Ministry of SOEs.

“The in-depth discussion is entirely handled by the Ministry of SOEs, and we are awaiting their decision,” Novel told reporters in Jakarta on Wednesday (13/12/2023).

Novel also emphasized that the merger depends on the direction of Erick Thohir, the Minister of SOEs. Initially, the ministry planned to merge several SOEs for efficiency purposes. Erick stated in May that infrastructure SOEs would undergo consolidation.

The process will be divided into two segments: smaller SOEs will be handed over to PT Perusahaan Pengelola Aset (PPA) and Danareksa for mergers. Erick also mentioned that the ideal number of SOEs should be reduced from the current nine.

"We are still carrying out the consolidation according to the blueprint from two years ago. Ideally, it should be reduced from nine to four," said Erick.

So, what is the financial condition of both companies before the proposed merger?

(See also: This is the SOE with the Largest Debt in Q3 2023)

Based on company reports, the financial condition of these two SOE issuers is quite different.

WIKA recorded assets of Rp66.65 trillion as of September 2023. PT PP's assets amounted to Rp59.31 trillion.

Of these amounts, WIKA's debt reached Rp55.67 trillion, while PTPP's debt was Rp44.21 trillion as of September 2023. Their equity was Rp10.97 trillion for WIKA and Rp15.09 trillion for PTPP.

In the same period, WIKA's revenue was recorded at Rp15.07 trillion. PTPP recorded revenue of Rp12.22 trillion.

Unfortunately, WIKA incurred a net loss of Rp5.88 trillion in September 2023. Meanwhile, PTPP still achieved a net profit of Rp239.72 billion in the same period.

(See also: WIKA Becomes the Most Loss-Making SOE in Q3 2023)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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WIKA and PTPP Merger Announced: What About Their Financial Aspects?

WIKA and PTPP Merger Announced: What About Their Financial Aspects?

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WIKA and PTPP Merger Announced: What About Their Financial Aspects?

WIKA and PTPP Merger Announced: What About Their Financial Aspects?

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Area of Palm Oil Land Owned by State-Owned Enterprises in West Java, 1996-2010

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