New Contract Increases 46 Percent, Waskita Beton's Revenue Reaches IDR 642 Billion In Semester I-2023

JAKARTA - PT Waskita Beton Precast Tbk (WSBP) posted operating revenues of IDR 642 billion in the first semester of 2023.

WSBP Director of Finance and Risk Management Asep Mudzakir said that the operating income was supported by the company's three business lines, including 31 percent pre-print concrete, 48 percent readymix segment, and 21 percent construction services.

"This readymix segment has experienced a significant increase of 91 percent, compared to the same period in 2022," said Asep quoting Antara.

Asep explained that various large projects using the company's readymix products include the Presidential Secretariat Building and Supporting Buildings for the Presidential Palace of the Republic of Indonesia, the Construction of Roads / Logistics (KIPP) for the Sepaku Segment 4 Ring Road Development Package, and the Simpang Tempadung Toll Project - Balang Island Section 5A.

"We also supply readymix toll roads, buildings, bridges, airports, and other projects in Indonesia," said Asep as well.

As an effort to provide market needs for the liquid concrete product, he said that currently the company is supported by 23 batching plants spread throughout Indonesia.

Not only in terms of operating income, he said, the company managed to record a gross profit of IDR 96 billion in the first semester of 2023, which the company also recorded gross profit margins rose to 15 percent compared to the same period last year.

Furthermore, the company made efficiency in terms of general and administrative expenses by 39 percent, from previously recorded at IDR 546 billion in the same period the previous year.

Then, with the restructuring, according to Asep, the company has determined cash waters, so that operational cash in better conditions in the future in order to accelerate operational performance.

"The year 2023 is a crucial period for WSBP to improve the company's financial performance again after restructuring. We are also committed to obtaining a project contract that has a healthy financial fundamental," said Asep.

Asep explained that the company's optimism can be seen from the achievement of a new contract of Rp975 billion, an increase of 46 percent (yoy) in the first semester of 2023, compared to the previous period in 2022.

In the short term, according to him again, the company has market potential to supply precast and readymix products to government projects and expand to the Non Waskita Group project.

"Meanwhile, for the next 3 to 5 years there will be market potential from the development of the nation's capital (IKN) as well as projects originating from non-Waskita groups," said Asep.