Received Many Large Toll Road Projects, Adhi Karya Contract Value Soared 130.7 Percent

JAKARTA - The state-owned construction company, PT Adhi Karya (Persero) Tbk posted new contracts worth IDR 17.3 trillion as of November 30, 2020. The issuer coded as ADHI shares has reaped many contracts from toll road projects.

Adhi Karya's Corporate Secretary, Parwanto Noegroho, said the acquisition of new contracts in November 2020 rose 130.7 percent compared to October 2020 valued at IDR 7.5 trillion.

"So the total order book value is IDR 47.8 trillion excluding taxes," said Parwanto, quoted from the disclosure of information from Adhi Karya on the website of the Indonesia Stock Exchange (IDX), Thursday, December 3.

Meanwhile, several project contracts obtained by Adhi Karya in November 2020 include the Jogja-Solo-NYIA toll road worth IDR7.83 trillion, and the Serang-Panimbang toll road worth IDR937.8 billion.

Furthermore, there is a coastal protection project in Jakarta worth IDR 21.3 billion, the Palembang IPAL in South Sumatra worth IDR 208.4 billion, and the Cross Border Post in Labang East Nusa Tenggara worth IDR 191.6 billion, and a retention pond in Bandung worth IDR 128.7 billion.

The rest, Adhi Karya received contracts from other projects such as hospitals, government buildings, property, and others worth Rp345.1 billion.

In December 2020, Adhi will also record a new contract value again because this construction BUMN has won tenders for several projects in November 2020 and has been declared the lowest bidder.

"It is estimated that the contract will be signed in mid-December 2020," said Parwanto.

In terms of contribution per business line, Adhi Karya's new contract acquisition last month included construction and energy business lines amounting to 95 percent, property 4 percent, and the rest from other business lines.

Whereas in the type of work, the acquisition of new contracts consisted of building projects by 16 percent, MRT 8 percent, roads and bridges 62 percent, and other infrastructure projects such as building dams, airports and EPC projects by 14 percent.

Based on the ownership segmentation, the realization of new contracts from the government is 44 percent, BUMN 8 percent, private sector 3 percent, and investment is 45 percent.