PP Presisi, This PTPP Subsidiary Targets 2021 Revenue To Reach Rp3.14 Trillion

JAKARTA - A subsidiary of PT PP (Persero) Tbk, namely PT PP Presisi Tbk. (PPRE) targets revenues by the end of this year to increase by 34 percent compared to last year to IDR 3.14 trillion. PP Presisi's management is optimistic because the new contract they achieved in the third quarter of 2021 exceeded the company's target.

PP Presisi Finance Director Benny Pidakso explained that the acquisition of new contracts as of October had reached IDR 4.8 trillion, growing 129 percent compared to the same period last year of IDR 2.1 trillion.

"This amount exceeds the 2021 target of 133 percent, of which 49 percent are mining service contracts and are projected to reach Rp5.3 trillion until December 2021," he said in a virtual public expose, Thursday, November 11.

The projected acquisition of new contracts by the end of the year rose 152.38 percent compared to the acquisition of new contracts last year. Meanwhile, PPRE projects that revenue by the end of the year will reach IDR 3.14 trillion, up 34 percent compared to last year's realization of IDR 2.33 trillion.

The projection is only IDR 712 billion or 18.47 percent of the realization of income before the pandemic or in 2019. PPRE projects that net profit by the end of 2021 will reach IDR 147 billion, up 28 percent compared to the realization in 2020 which amounted to IDR 115.9 billion.

This figure is still far from the net profit before the pandemic in 2019 which was IDR 439.3 billion.

In terms of EBITDA, the projected PPRE EBITDA will increase by 4 percent to IDR 940 billion at the end of 2021, compared to last year's realization of IDR 906.04 billion. Meanwhile, EBITDA before the pandemic in 2019 was IDR 1.18 trillion.