Waskita Earns IDR 578.17 Billion Net Profit In The Third Quarter Of 2022

Illustration (Photo: Doc. Antara)

JAKARTA - PT Waskita Karya (Persero) Tbk recorded a net profit in the third quarter of this year amounting to IDR 578.17 billion or a 766.6 percent increase from the same period last year of IDR 66.71 billion.

Waskita President Director Destiawan Soewardjono said the improvement in Waskita's performance until the third quarter of 2022 indicates that the financial restructuring strategy with 8 streams implemented since last year has been going well.

“This net profit achievement was supported by construction, manufacturing, property, and strategic partnership revenues for three toll roads in the third quarter. Waskita as one of the state-owned companies that has contributed to assisting government programs in accelerating the development of toll road infrastructure and other infrastructure, we are not only able to build toll roads that are beneficial to the community, but are also able to record profitability through strategic partnership business processes," said Destiawan, as quoted from Antara, Sunday, October 30.

During the period from January to September 2022, the company posted operating revenues of IDR 10.30 trillion, growing 44.61 percent compared to the same period in 2021 of IDR 7.12 trillion.

The company also managed to book a gross profit of IDR 988.15 billion or grew by 28.77 percent from last year, which was IDR 767.40 billion.

This growth was supported by improvements in several construction segments and the implementation of efficient control of project management costs and administrative burdens (lean construction) in all projects.

The company also recorded total assets of IDR 99.90 trillion, total liabilities of IDR 82.40 trillion, and total company equity of IDR 17.50 trillion.

In the fourth quarter, said Destiawan, Waskita will focus on increasing operational productivity, including several projects in the State Capital (IKN) which the company won the tender process.

"We are targeting an acceleration of the progress of existing projects. But not only pursuing revenue targets, Waskita is also committed to maintaining the trust that has been given by the Government and service users by paying attention to the quality and time of work as stated in the contract," he said.

In addition, to improve the company's financial fundamentals, at the end of this year the company will also receive a State Capital Investment (PMN) of IDR 3 trillion.

The funds will be used for the completion of special toll roads where the PMN absorption process is through the rights issue method with Pre-emptive Rights (HMETD) in accordance with OJK Regulation Number 14/POJK.04/2019 and has received approval from the majority of company's shares through the General Meeting of Shareholders (GMS).

The public portion of the rights issue proceeds will be used to strengthen the working capital structure.

"I also emphasize to all levels to remain consistent in carrying out the transformation process, refocusing resources, implementing digitalization in all business processes and strengthening Good Corporate Governance (GCG) as our shared commitment," concluded Destiawan.