PTPP Secures New Rp3.5 Trillion Contract in Early 2024: Details Inside

State-owned construction company PT PP (Persero) Tbk, or PTPP, booked new contract values totaling Rp3.5 trillion (approximately US$230 million) in January 2024. This represents a 99.96% increase year-on-year (YoY).

The contracts were predominantly sourced from government funds (90.50%), followed by state-owned enterprises (SOEs) at 7.76%, and the private sector at 1.74%.

The largest contract secured by PTPP at the beginning of the year was the PUPR Ministry Office Wing 2 project, valued at Rp815.5 billion (approximately US$53 million).

This was followed by the construction of Section 6C of a road (Rp746.6 billion or approximately US$48 million), and the Serang Panimbang Toll Road Section 3 project (Rp622.4 billion or approximately US$40 million).

Other significant projects include the construction of the West Side National Axis Road Phase 2 (Rp469.9 billion or approximately US$31 million) and the construction of Toll Road 3B Phase 2 (Rp359 billion or approximately US$23 million).

PTPP Corporate Secretary Bakhtiyar Effendi stated that these contract values represent a positive start for the company in achieving its targets for the year.

“We are focused on completing numerous national strategic projects and IKN projects this year, while maintaining quality, HSE (Health, Safety, and Environment), and risk management,” said Bakhtiyar in a written statement on Sunday (February 5, 2024).

As of January 2024, PTPP had completed 16 out of 30 National Strategic Projects (PSN). The toll road sector accounted for the largest proportion of completed projects at 54.24%.

Other completed projects include dams (18.02%), Engineering Procurement Construction (EPC) projects (14.02%), ports and docks (9.15%), airports (1.82%), and industrial projects (0.75%).