Profits Drop 96 Percent In 2020, Managing Director Of Adhi Karya: We Almost Lost IDR 200 Billion

Illustration of LRT construction. (Photo: Doc. Adhi Karya)

JAKARTA - PT Adhi Karya Tbk (ADHI) recorded a decrease in net profit of up to 96 percent in 2020 due to the pressure from the COVID-19 pandemic. The amount of profit received by this construction BUMN has dropped dramatically from IDR 665.1 billion in 2019 to only IDR 23.7 billion in 2020.

PT Adhi Karya Managing Director Entus Asnawi Mukhson said the COVID-19 pandemic had made the company lose IDR200 billion even though it still posted a profit in 2020. According to him, the loss was due to depressed revenues due to many disrupted projects.

"We made a planning scenario. For this (pandemic) what about three months, what six months, nine months. From that scenario we found that we would lose Rp200 billion if we did nothing," he said in a virtual discussion, Wednesday, 21. April.

However, said Entus, the loss was not recorded because of the company's efforts to carry out all the efficiency and utilization of various IT systems. Entus said that ADHI still recorded a net profit of IDR 23.7 billion and revenue of IDR 10.8 trillion. Both have decreased by about 30 percent and 96 percent compared to 2019.

"Slightly escaped (from the loss), it turns out that the net profit is only Rp. 23.7 billion," he said.

Entus said that the company's cash flow throughout 2020 was recorded as positive at IDR 1.4 trillion. He said, the amount even increased by Rp900 billion compared to the previous year which was only Rp500 billion.

Furthermore, Entus said that the increase in cash flow was due to payments for large projects such as the Sigli - Banda Aceh Toll Road and the Jabodebek LRT.

In terms of cash flow, company funding, said Entus, was recorded at Rp1.8 trillion or an improvement from the previous year, resulting in a reduction in loan debt in 2020.

Meanwhile, ADHI's total assets in December 2020 amounted to IDR 38 trillion, an increase of 4.3 percent compared to December 2019, which was IDR 36.5 trillion.