Received Payments From KAI And Hutama Karya Of IDR 2.8 Trillion, Adhi Karya Booked IDR 10.2 Billion Net Profit In Six Months

Illustration. (Photo: Doc. Antara/Adhi Karya)

JAKARTA - PT Adhi Karya (Persero) Tbk received payments for two large projects in the first semester of 2022. The total value is IDR 2.8 trillion.

The two projects are the Jabodebek Phase I LRT project of IDR 1.6 trillion (including VAT) from the government through PT Kereta Api Indonesia (Persero) and the Sigli-Banda Aceh Toll Road project work of IDR 1.2 trillion (including VAT) from PT Hutama Karya. (Persero).

"The payment for the two major projects is expected to increase ADHI's liquidity to support the acceleration of the completion of ADHI projects, especially the National Strategic Project," said PT Adhi Karya (Persero) Tbk Corporate Secretary Farid Budiyanto in a written statement quoted by Antara, Monday.

The Jabodebek LRT Development Project is expected to be an alternative to reduce congestion in the capital city of Jakarta and its supporting cities. The construction project of the Sigli-Banda Aceh Toll Road is expected to establish connectivity on the North Sumatra Island.

"These two projects are expected to increase the flow of people, goods and services, as well as economic life in order to create economic efficiency," added Farid.

Until the first semester of 2022, the company also posted revenue (revenue) of Rp. 6.3 trillion, an increase of 42.3 percent compared to the same period in 2021 of Rp. 4.4 trillion.

On the other hand, Adhi Karya scored a gross profit of IDR 699.3 billion. The net profit reached IDR 10.2 billion, an increase of 23.5 percent from the net profit for the same period in 2021 which was IDR 8.3 billion.

"This increase in net profit indicates ADHI continues to grow amid the COVID-19 recovery condition and the impact of rising raw material prices," said Farid.

The company's total assets in the first semester of 2022 reached Rp39.2 trillion. The company's liabilities in the first semester of 2022 reached Rp. 33.2 trillion, or decreased compared to the end of 2021 which reached Rp. 34.2 trillion.

Meanwhile, the company's equity in the first semester of 2022 was IDR 6.1 trillion, an increase of 7.2 percent compared to the end of 2021 which reached IDR 5.7 trillion.

Farid said that this increase in equity came from the IPO of ADHI's subsidiary, PT Adhi Commuter Properti Tbk (ADCP) in February 2022.

"Meanwhile, the decrease in liabilities and the increase in equity in the first semester of 2022 indicate that ADHI is trying to continue to strengthen its capital structure and control the liquidity ratio," said Farid.