PP Precision Revenue Increases 24.7 Percent To Rp829.8 Billion In The First Quarter Of 2022

Illustration. (Photo: Doc. Antara)

JAKARTA - PT PP Presisi Tbk (PPRE) revenue increased 24.7 percent to IDR 829 billion in the first quarter of 2022, compared to the same period last year of IDR 665 billion.

Infrastructure projects and mining services dominate in contributing revenue of IDR 753.5 billion or 90.8 percent of total revenue. The construction business segment contributed 90.8 percent, which recorded an increase of 34.2 percent year on year (yoy) from Rp561.6 billion to Rp753.5 billion.

"The increase came from mining service projects, namely the Weda Bay Nickel Project, the Morowali Project, the MHU Project and the HPJ Hauling Road, as well as infrastructure projects such as the Indrapura Kisaran Toll Project, the Kolaka Project, the PLTU Sulut Site Development Project, the Belinyu Pier Project, the Sentani Airport Project and Sepinggan Balikpapapn, the Cinere Kukusan Toll Project, and the Halim Airport Revitalization Project," said M. Arif Iswahyudi, Finance, Manrisk & Legal Director of PT PP Presisi Tbk in a written statement, Tuesday 10 May.

The mining services business segment contributed Rp137.7 billion, higher than last year's Rp32.6 billion, which will increase our optimism and confidence as a source of recurring income.

"We also booked a joint venture profit on the Dhoho Kediri Airport construction project which came from our subsidiary, LMA as the main contractor as well as being the lead of the consortium of Rp. 11.2 billion in the first quarter," Arif added.

The increase in performance is also in line with the increase in net profit by 27 percent yoy from IDR 30.9 billion in the first quarter of 2021 to IDR 39.2 billion in the first quarter of 2022.

"Our financial position has also strengthened, which is marked by an increase in total assets of 3.3 percent from Rp7.02 trillion (31 December 2021) to Rp7.26 trillion (31 March 2022), total debt increasing 1.3 percent from Rp2 trillion. .15 trillion (31 December 2021) to Rp 2.18 trillion (31 March 2022) in line with the capex financing for the purchase of heavy equipment used to support the growth of acquiring new contracts in mining services, which is 52.7 percent of the total new contracts in 2022 until currently comes from mining services that require the support of the availability of heavy equipment in large quantities," he explained.

Meanwhile, an increase in total equity of 1.3 percent from IDR 2.97 trillion (31 December 2021) to IDR 3.01 trillion (31 March 2022) in line with the increase in PP Presisi's net profit.

"In terms of performance, improved performance and the acquisition of new contracts in the mining services business segment, we hope to continue to increase in the next quarter and become a source of recurring income that can increase sustainable growth," concluded Arif Iswahyudi.