PP Presisi's Net Profit As Of 30 June 2022 Increases 33 Percent To Rp89.9 Billion

Photo: Doc. PP Precision

JAKARTA - The consolidated net profit of PT PP Presisi Tbk (PPRE) for the period ended June 30, 2022, increased 33 percent to Rp. 89.9 billion from Rp. 67.6 billion for the same period in 2021.

This increase was in line with an increase in consolidated revenues of 41.8 percent from Rp. 1.2 trillion in the first semester of 2021, to Rp. 1.7 trillion in the second semester of 2022.

"Revenues from the construction and mining services sector played the largest role in the increase in revenue, coming from our main sector, namely the construction sector by 65 percent and mining services by 26 percent, the remaining 9 percent contributed from supporting business lines such as structure work, production plants and rental equipment," said M. Arif Iswahyudi, Director of Finance, Manrisk & Legal of PT PP Presisi Tbk, in a statement, Monday, August 1.

Meanwhile, revenue from civil work and mining services increased 53 percent year on year from Rp. 983 billion to Rp. 1.5 trillion, which came from infrastructure projects and mining services, namely the Weda Bay Nickel Project, Morowali Project, MHU Project and HPJ Hauling Road, as well as other projects. infrastructure such as the Cinere Kukusan Toll Project, Indrapura Kisaran, Halim Airport Revitalization Project, BI Karawang Project, and Sentani Airport Project.

"The mining services business segment contributed Rp449 billion or 26 percent of total revenue in the first semester of 2022, which certainly adds to our optimism and confidence to achieve the set targets. We also recorded joint venture profits on the Dhoho Kediri Airport construction project originating from from our subsidiary, LMA as the main contractor as well as being the lead of the consortium of IDR 19.1 billion in the second quarter," added Arif Iswahyudi.

Furthermore, Arif said, PPRE's financial position also experienced a strengthening which was marked by an increase in total assets of 11.2 percent from Rp7.02 trillion (December 31, 2021) to Rp. 7.81 trillion (June 30, 2022). Total equity also increased by 2.4 percent from IDR 2.97 trillion (31 December 2021) to IDR 3.05 trillion (30 June 2022) in line with the increase in the company's net profit.

The liquidity ratio increased, such as the current ratio increased from 1.18 to 1.27, the acid test ratio also increased from 1.15 to 1.23, while the profitability ratio, namely the ROA ratio, increased by 10.1 percent from 2.09 percent. in the first semester of 2021, to 2.30 percent in the 2022 semester. And ROE also increased by 19.6 percent from 4.93 percent in the first quarter of 2021 to 5.89 percent in the first quarter of 2022.

The acquisition of new contracts obtained during the first semester of 2022 was Rp. 2.7 trillion or has reached 47 percent of the 2022 target of Rp. 5.9 trillion.

"In terms of performance, performance improvement 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," said Arif.

"The operational excellence of PP Presisi certainly helps to increase financial performance as capital for sustainable growth which will ultimately contribute to increasing shareholder value in the future. With the financial performance of the first half of 2022, and an increase in net profit and operating cash flow ) which is positive, we believe that PPRE will grow sustainably," concluded Arif Iswahyudi.