WIKA Posts Largest Losses Among State-Owned Construction Companies in Q3 2023

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Adi Ahdiat 05/12/2023 12:40 WIB

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Of the four state-owned construction holding companies listed on the stock exchange, PT Wijaya Karya Tbk (WIKA) recorded the largest loss by the end of the third quarter of 2023.

Net Profit/Loss of State-Owned Construction Companies (January-September 2023)

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WIKA Posts Largest Losses Among State-Owned Construction Companies in Q3 2023

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Net Profit/Loss of State-Owned Construction Companies (January-September 2023)

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"BUMN Karya" refers to state-owned enterprises (SOEs) operating in the construction sector.

Currently, there are four BUMN Karya parent companies with listed status: PT Waskita Karya Tbk (WSKT), PT Wijaya Karya Tbk (WIKA), PT PP Tbk (PTPP), and PT Adhi Karya Tbk (ADHI).

PTPP achieved the highest profit among BUMN Karya companies until the end of Q3 2023.

From January to September 2023, PTPP recorded a net profit (attributable to the parent entity's owners) of Rp239.7 billion, a 70% surge compared to the same period last year (year-on-year/yoy).

During the same period, ADHI's net profit jumped 11.9% (yoy) to Rp23.5 billion.

On the other hand, from January to September 2023, WSKT recorded a net loss (attributable to the parent entity's owners) of Rp2.8 trillion.

This figure is a significant reversal compared to January-September of the previous year, when WSKT recorded a net profit of Rp425 million.

Furthermore, from January to September 2023, WIKA's net loss reached Rp5.8 trillion, the largest among the listed BUMN Karya parent companies.

WIKA's loss increased approximately 209 times compared to the January-September loss of the previous year, which amounted to Rp27.9 billion.

These BUMN Karya companies each have substantial debts, amounting to tens of trillions of rupiah.

WSKT has the highest debt, with a debt proportion of 87.1% of its total assets as of September 30, 2023.

Meanwhile, WIKA's debt proportion to its total assets reached 83.5%, PTPP's 74.5%, and ADHI's 77.2%.

Editor : Adi Ahdiat

"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 Posts Largest Losses Among State-Owned Construction Companies in Q3 2023

WIKA Posts Largest Losses Among State-Owned Construction Companies in Q3 2023

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WIKA Posts Largest Losses Among State-Owned Construction Companies in Q3 2023

WIKA Posts Largest Losses Among State-Owned Construction Companies in Q3 2023

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Prevalence of Food Consumption Inadequacy in West Bandung Decreased by 1.23% in the Last Year

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