PTPP Booked Revenue Of IDR 15.83 Trillion And Net Profit Of IDR 266 Billion In 2020

The PLTMG project in Central Kalimantan which is being worked on by PTPP. (Photo: Doc. Antara)

JAKARTA - The state-owned construction company, PT PP (Persero) Tbk (PTPP) announced the results of the company's financial performance for the financial year ending December 31, 2020. The company was also affected by the COVID-19 pandemic, but still showed positive performance.

The outbreak of the COVID-19 pandemic in Indonesia, which began in early 2020, has an impact in all sectors. Not only in the health sector, the economy and employment sectors have also experienced a significant impact due to the COVID-19 pandemic.

Yuyus Juarsa as Corporate Secretary of PTPP explained, in 2020, the company posted operating revenues of IDR 15.83 trillion. PTPP also managed to book a net profit for the year of IDR266 billion in 2020.

"Meanwhile, the company's cost of revenue was recorded at Rp. 13.65 trillion, so that PTPP still has a gross profit of Rp. 2.17 trillion with an increase in gross profit margin of around 13.73 percent," said Yuyus in a written statement received on Thursday, March 18.

He said that the increase in the company's gross profit margin this year was mostly dominated by projects that were at the cut & fill stage, such as the Batang Integrated Industrial Zone and Semarang Demak Toll Road. Meanwhile, PTPP's assets were recorded at IDR 53.47 trillion at the end of 2020.

Furthermore, Yuyus said, due to the pandemic, there were several project tenders that had been participated by PTPP which had to be postponed by project owners due to changes in budget allocations. Whereas previously in early 2020, PTPP was very optimistic by setting a target for the company's performance to grow compared to the realization of financial performance in 2019.

"However, due to the outbreak of the COVID-19 pandemic, PTPP has made adjustments or revisions to the company's 2020 performance targets. The company assesses that the results of the 2020 financial performance are in accordance with the revised performance targets, even the achievement of this performance exceeds the revised target," said Yuyus.