As A Result Of The COVID-19 Pandemic, WIKA's Revenue Dropped 43.28 Percent In The Third Quarter

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - PT Wijaya Karya Tbk (WIKA) recorded revenue in the third quarter of this year amounting to Rp. 18.3 trillion, down 43.28 percent from the same period last year. Meanwhile, net profit attributable to the parent entity amounted to Rp50.19 billion. This achievement fell by 96.29 percent from the same period last year which was IDR 1.35 trillion.

President Director of WIKA Agung Budi Waskito said that the achievement of WIKA's performance reflects Wijaya Karya's ability to continue working amid the challenges of the pandemic that has occurred since the beginning of the year.

Furthermore, Agung admitted that he was sure that WIKA would soon rise and become the main capital to maintain the company's capacity. Moreover, this state-owned company has also adopted a policy to maintain 100 percent of its human resources.

"We hope that, in 2021, the pandemic can be resolved soon and WIKA is ready to grow back like in previous years," he said, in a written statement received by VOI, Thursday, October 29.

According to Agung, until September 2020, WIKA has obtained a new contract of IDR 6.84 trillion. The list of projects recently achieved includes a swamp irrigation project for the development of a Food Estate in Central Kalimantan and the construction of an Ancol Sentiong Water Pump for flood management in the Sentiong Area.

Not only that, WIKA's existence abroad is increasingly recognized after successfully obtaining the Multi Purpose Sport Complex project in Solomon Islands for a tournament between Pacific countries 2023. Currently, WIKA is also participating in the tender process for national and international projects with a total value of around Rp. 20 up to IDR 23 trillion.

"Thus, we are sure that we will be able to meet the new contract target in 2020 amounting to Rp. 21.37 trillion and if we add to the projects that have been achieved, the order book for WIKA will reach Rp. 100 trillion which we can produce in the next few years," he said.

According to Agung, WIKA's ability to grow is supported by PTPP's healthy financial condition, which is shown by PTPP's cash equivalent in the third quarter of 2020 at Rp7.69 trillion, while the gross gearing ratio is at the level of 1.41 times with the net gearing ratio at the level 0.94 times compared to covenant banks at the level of 2.5 times.