Rise From Losses, Waskita Beton Earns IDR 16 Billion Net Profit In The First Quarter Of 2023

Photo: Doc. Antara

JAKARTA - PT Waskita Beton Precast Tbk (WSBP) managed to reap a net profit of IDR 16 billion during the first quarter of 2023. This realization reversed the position of loss in the same period last year.

Waskita Beton's Director of Finance and Risk Management Precast Asep Mudzakir said that his party recorded a net profit of IDR 16 billion during the first quarter of 2023, this achievement increased by 106 percent compared to the same period last year which recorded a loss of IDR 276.82 billion.

He said that in early 2023, the issuer with the stock code WSBP was operating revenue of IDR 367 billion, an increase of 26 percent compared to last year's IDR 290 billion.

"WSBP's first quarter 2023 operating revenue is supported by the achievement of the precast sector of 30 percent, 52 percent readymix and 18 percent of the construction service sector," Asep said in his official statement, quoted on Tuesday, May 2.

He added that WSBP also managed to record a gross profit of IDR 58 billion, an increase of 29 percent compared to the gross profit achievement in the same period last year.

In addition, in the first quarter of 2023, WSBP recorded a gross profit margin of 16 percent, while from operating cash flow activities there was an increase in revenue from customers of Rp464 billion, an increase of 73 percent compared to the first quarter of 2022, which was Rp267 billion.

WSBP has also recorded total liabilities of IDR 7.75 trillion, down 4 percent compared to 2022, which is IDR 8.06 trillion. The decrease in liabilities was due to the settlement of obligations in accordance with the Peace Agreement, namely the CFADS scheme which was paid first to creditors on March 27.

In terms of operational performance, in the first quarter of 2023, it was also supported by the achievement of a new contract obtained until March 2023 of IDR 420 billion. The New contract for the March 2023 period was supported by the Waskita group's internal market of 25 percent and 75 percent came from external markets.

As for the company's customers, as of the March period, 29 percent of the project owners from SOEs and 71 percent of private companies.

"Several projects that have been obtained by WSBP include the IKN Bridge Road Balang Island project, the LNG Terminal Project in Sumbawa and the Presidential Secretariat Building Project at IKN," said Asep.