Construction Company Astra Acset Indonusa Group Successfully Reduced Losses From IDR 1.3 Trillion To IDR 695.5 Billion In 2021

Jakarta-Cikampek elevated toll road. (Photo: Doc. Acset)

JAKARTA - Astra Group construction company PT Acset Indonusa Tbk (ACSET) has managed to improve its financial performance throughout 2021. This can be seen from the company's loss value which fell from IDR 1.32 trillion to IDR 695.55 billion.

The improvement was inseparable from the growth in income of 24.1 percent from IDR 1.2 trillion to IDR 1.49 trillion.

"The company's commitment to maintaining the consistency of continuous improvement is reflected in a decrease in gross loss, operational expenses (opex), and financial costs," said Acset Corporate Secretary Maria Cesilia Hapsari in a statement, Thursday, February 24.

Improvements in working capital management, as well as shareholder support in an effort to strengthen the capital structure, can be seen from the achievement of a reduction in financial costs to IDR 79 billion or a decrease of 72 percent from IDR 285 billion in the same period in 2020.

For 2 consecutive years, the company also managed to record positive operating cash flows which also impacted the cash and cash equivalents position in 2021 which increased by 543 percent compared to the period in 2020.

Not only that, in August 2021, the company also made a Capital Increase Without Pre-emptive Rights (PMTHMETD) of IDR 1.5 trillion, of which the funds were used to repay shareholder loans and strengthen the capital structure.

"With strong support from shareholders, Acset is optimistic that it can increase the achievement of new contracts in the future," said Maria.

As additional information, in 2021 Acset recorded the acquisition of new contracts of IDR 431 billion consisting of foundation, infrastructure, and structure projects. Some of them are foundation work at PLTU Batang Shore Protection and foundation work for BUMN Center, all foundation projects are carried out by Acset's subsidiary, PT Acset Pondasi Indonusa.

In the infrastructure sector, ACSET got a job at the Besai Kemu PLTM and the BIJB Kertajati Underpass. Meanwhile, in the structural sector, Acset got a new contract for the Cleon Park Garden City Apartment work.

"The acquisition of these new projects is an additional driver for the recovery of Acset's performance and financial condition," concluded Maria.