H1 2023 Financial Performance of Indonesian State-Owned Construction Companies: Who's Making the Most Profit?

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Adi Ahdiat 04/09/2023 17:40 WIB

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Among the four state-owned construction holding companies, PTPP recorded the highest profit in the first half of 2023, while WSKT experienced the largest loss.

Net Profit/Loss of State-Owned Construction Companies (First Semester 2023)

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Net Profit/Loss of State-Owned Construction Companies (First Semester 2023)

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

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

PTPP recorded the highest net profit among BUMN Karya in the first half of this year.

At the end of the first half of 2023, PTPP reported a profit attributable to the parent entity's owners of Rp96.42 billion, a 10.87% increase year-on-year (yoy).

Over the same period, ADHI's net profit increased by 21.31% (yoy) to Rp12.41 billion.

On the other hand, in the first half of 2023, WIKA recorded a loss attributable to the parent entity's owners of Rp1.88 trillion, a surge of 14,019% (yoy) compared to the loss in the first half of last year.

WSKT recorded a loss of Rp2.07 trillion, the largest among the BUMN Karya listed parent companies. This figure swelled by 776% (yoy) compared to its loss in the first half of 2022.

All these BUMN Karya companies still have debts totaling tens of trillions of rupiah.

WSKT has the largest debt, with a liability proportion of 87.5% of its total assets in the first half of 2023. Meanwhile, WIKA's debt proportion to its total assets reached 78.6%, PTPP's 74.12%, and ADHI's 77.3%.

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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H1 2023 Financial Performance of Indonesian State-Owned Construction Companies: Who's Making the Most Profit?

H1 2023 Financial Performance of Indonesian State-Owned Construction Companies: Who's Making the Most Profit?

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