Waskita Karya Wins New Contracts Worth Rp12 Trillion Until Third Quarter 2021

JAKARTA - PT Waskita Karya Tbk received a new contract value of IDR 12.01 trillion until the third quarter of this year. The new contract is equivalent to 72 percent of the company's target.

Waskita's management is still optimistic that the contract acquisition target can be achieved even though there are only two months remaining. Waskita Karya President Director Destiawan Soewardjono said the new contracts worth Rp 12.01 trillion consist of investment projects or business development 68.05 percent, government 24.96 percent, BUMN projects 4.48 percent and private projects 2.51 percent.

"For the new contracts we have achieved Rp 12.01 trillion. This (realization) has reached more than 50 percent," he said in a virtual press conference, Thursday, November 4.

Based on the type of project, the achievement of the new contracts came from Roads & Bridges 58.89 percent, Buildings 13.03 percent, Water Infrastructure 12.30 percent, Subsidiaries 11.40 percent, EPC 3.50 percent and others 0.88 percent.

Destiawan said that the company targets the total acquisition value of new contracts in 2021 to be around Rp. 20.68 trillion. Meanwhile, the company is still optimistic that it will be able to achieve the target value of the new contract by the end of the year, with much better liquidity and a leaner operating cost structure.

"Although there are only two months left, there are several projects that we are targeting and we are following them. Hopefully this can run and be final in 2021. So, our target of approximately 40 percent in two months can be met. This includes projects outside country," he said.

In the future, Destiawan said, his party will try to guarantee going concern with the implementation of the 8 stream financial restructuring program. In this regard, the state-owned issuer is optimistic that it will achieve positive performance from its core business in 2023. Currently, Waskita Karya is focusing on financial restructuring or reducing losses.