PTPP Records Positive Profit Growth Of 11.08 Percent In Semester I 2023

Photo: Doc. PTPP

JAKARTA - PT PP (Persero) Tbk (PTPP) managed to achieve a net profit of IDR 124 billion in the first semester of 2023. This achievement recorded growth of 11.08 percent when compared to profit in the first semester of 2022 of IDR 112 billion.

The increase in profit was contributed by joint venture profit including the IKN project in the building and infrastructure sectors. In addition, the joint association's profit contributed to this achievement, mainly from two PTPP affiliates, namely PT Celebes Railway Indonesia and PT Indonesia Ferry Properti.

Not only profit and new contract gains, PTPP's financial performance also showed quite good growth. Year on year against the first semester of 2022, Gross Margin the company grew by 4.63 percent, Operating Margin the company grew by 6.30 percent and Current Ratio companies grew by 17.27 percent.

As of July 2023, PTPP has won a new contract worth IDR 15.68 trillion or grew by 15.66 percent year on year against July 2022, which is worth IDR 13.55 trillion.

Some of the new contract acquired by PTPP in July 2023, among others: The North-South Commuter Package 3C in the Philippines worth IDR 2.18 trillion, the Jakarta-Cikampek II South Toll Road worth IDR 900 billion, the Soekarno-Hatta Airport Overlay Runway worth IDR 428 billion and the Toll Corridor Development Building worth IDR 299 billion and several other projects.

The acquisition of new contracts spread evenly from the Government (Government) at 34 percent, BUMN (SOE) at 31 percent and Private (Private) at 35 percent.

Based on the company's business lines, the composition of the acquisition of new contracts consists of buildings of 28 percent, roads and bridges by 27 percent, railways by 23 percent, ports by 7 percent, dams by 7 percent, industry by 6 percent, Irrigation by 2 percent and Oil and Gas by 1 percent. The acquisition of this new contract is dominated by the acquisition of a new contract from the parent of 88 percent, and a subsidiary worth 12 percent.

PTPP Corporate Secretary, Bakhtiyar Efendi said that in Semester I 2023 his party could achieve profit growth compared to last year with the main contribution of more than 80 percent coming from the parent company which signifies the strength of PTPP's core business in the construction sector. Likewise, in terms of achieving new contracts in July 2023, which increasingly shows optimism in achieving the year-end target, where YoY grew 15 percent from last year.

"We hope that this year's target can be achieved by relying on company competence, strengthening risk management and governance; increase innovation and technology; and synergy of subsidiaries," said Bakhtiyar Efendi.