Swelling Debt, Waskita Banned From Working On Toll Projects

Deputy Minister of State-Owned Enterprises (BUMN) Kartika Wirjoatmodjo. (Photo: Maria Trisnawati/VOI)

Deputy Minister of State-Owned Enterprises (BUMN) Kartika Wirjoatmodjo ensured that in the future PT Waskita Karya Tbk will no longer be able to work on new toll projects.

"In the past, they (Waskita Karya) were hit on the toll road. Well, in the future they will not take new toll roads," said Kartika, quoted on Saturday, September 7.

This is because of the condition of the company's debt which has swelled by more than IDR 82 trillion during the first half of 2024.

Tiko said, Kartika's nickname, later, strategic toll projects in the form of assignments will be handled by other BUMN works such as PT Hutama Karya.

"For toll roads, all assignments are at HK (Hutama Karya)," continued Tiko.

It is known that the Company's financial performance in the second quarter of 2024, Waskita pocketed revenue of IDR 4.47 trillion, supported by construction services of IDR 3.12 trillion.

The sale of concrete or precast contributed Rp610.96 billion to the Company's revenue. Then added by toll road revenue which reached Rp563.34 billion.

Furthermore, the company's Gross Profit Margin (GPM) performance rose to 13.3 percent on an annual basis or year on year (yoy) from the previous 8.8 percent.

The increase was in line with a better project profile, especially the Capital Nusantara (IKN) project, thus supporting the optimization of construction progress and lean projects. There are 12 IKN projects carried out by Waskita, the contract value is IDR 7.7 trillion.

At the same time, the issuer coded WSKT received restructuring approval by 21 banks with a value of IDR 26.3 trillion.

With this restructuring, Tiko hopes that the company's financial management will improve.