Waskita Karya's Debt Drops By IDR 14.7 Trillion In 2024

Rupiah (photo: dock. Antara)

JAKARTA - PT Waskita Karya (Persero) Tbk managed to reduce the amount of debt over the past year by Rp. 14.7 trillion. Now, the debt of issuers with the stock code WSKT remains at Rp. 69.3 trillion.

This was conveyed at the 2025 Annual General Meeting of Shareholders (AGMS) which was held today, Tuesday, April 29 at the Waskita Karya Building.

There are seven agenda items discussed in the routine agenda, including the Approval of the Annual Report and Ratification of the Financial Report of the Micro Business Financing Program and Small Business (PUMK) for the 2024 Financial Year.

Waskita Karya Corporate Secretary Ermy Puspa Yunita said the process of restoring financial and operational performance through restructuring was the Company's main concern during 2024.

Now, he continued, Waskita Karya has also received approval from 22 creditors from the Master Restructuring Agreement (MRA) and the 2021 Guarantee Working Capital Credit (KMKP) with an outstanding value of IDR 31.65 trillion.

"The restructuring scheme has been effective since October 17, 2024. Thanks to the restructuring being carried out, the Company has become more optimal in managing its finances," said Ermy in an official statement, Tuesday, April 29.

Ermy said the restructuring carried out on Non-Corruption Bonds worth IDR 3.35 trillion had also received approval for three series of bonds. The company, he said, managed to obtain the restructuring approval through the General Meeting of Bondholders (RUPO).

"In the context of operational blessing, the company focuses on restoring core operational activities by focusing on becoming a pure contractor. This strategy prioritizes the work on a number of projects with monthly payment schemes and avoiding turnskeys, in order to maintain working capital stability," he explained.

In addition, Ermy also emphasized that management is also committed to improving the Company's Governance. This is one of the main focuses in order to achieve the business of a prudent and sustainable company.

Last year, Waskita managed to record a total debt reduction of Rp. 14.7 trillion to Rp. 69.3 trillion. Waskita's performance or on a standalone basis also recorded a profit with a profit running of Rp. 4.8 trillion," he said.

Ermy said the profit was due to an increase in other incomes originating from gain recognition for debt modifications and an improvement in the Basic Income/Effort Income Fee ratio which resulted in an increase in gross profit margin from 0.6 percent in 2023 to 5.7 percent in 2024.

On a consolidation basis, Waskita also managed to increase EBITDA by 347 percent from negative Rp0.4 trillion to positive Rp0.9 trillion. The increase was due to operational performance, efficiency over operating expenses, and other income contributions to the divestment of part of share ownership on the Bogor-Ciawi- Sukabumi (Bocimi) toll road.

Then, the Company's financial burden decreased by 1.8 percent from IDR 4.4 trillion to IDR 4.3 trillion. This decrease was due to a decrease in loan interest rates in line with the effective restructuring and divestment of the Bocimi Toll Road.

"Last year, the Company contributed to the state regarding tax payments of Rp1.8 trillion on a consolidated basis," Ermy explained.

The Company's total New Contract Value (NKB) reached Rp9.55 trillion throughout 2024. Then the consolidated realization of operating income reached Rp10.7 trillion or 101 percent of the Company's Work Plan Revision and Budget (RKAP) target.