PTPP Records A New Contract Of IDR 22.89 Trillion Until The Second Week Of November 2022

Photo: Doc. PTPP

JAKARTA - The state-owned construction company, PT PP (Persero) Tbk (PTPP) has recorded new contract acquisitions until the end of October of IDR 21.82 trillion. The acquisition of this new contract grew 50.79 percent compared to the same period in the previous year (YoY) of IDR 14.47 trillion.

Meanwhile, until the second week of November 2022, this figure has increased to IDR 22.89 trillion. So far, the achievement has been contributed by the EPC segment of IDR 2.5 trillion and the Port infrastructure segment of IDR 1.5 trillion.

As of October 2022, the acquisition of a new contract from BUMN (SOE) dominates PTPP's achievement with a contribution of 49 percent, followed by the Government (Government) at 36 percent, and the Private (Private) at 15 percent.

The composition of the project acquisition consists of an Induk of 78 percent and a Subsidiary of 22 percent. Meanwhile, based on the company's business line, the composition of the company's new contract acquisition consists of a construction service business line (infrastructure work & civil work, buildings, toll roads & bridges) of 77 percent, EPC by 18 percent, Property & Realti by 4 percent, Others by 1 percent.

The construction services are dominated by infrastructure and civil work by 53 percent, buildings by 31 percent, and toll roads & bridges by 16 percent.

"The achievement of the company's new contract last November was supported by the leading segment of PTPP, namely seaport. The two seaport projects that were achieved were: the Patimban Phase 2 Package 6 project amounting to Rp. 823 billion and the Jetty project in East Kalimantan amounting to Rp682 billion," said PTPP Corporate Secretary, Bakhtiyar Efendi in a written statement, Tuesday, November 15.

Until the third quarter of 2022, PTPP has recorded a net profit of IDR 211 billion, an increase of 2.94 percent from IDR 205 billion in the same period last year. The growth in financial performance was also supported by an increase in Business Revenue by 20 percent to IDR 13.46 trillion as of September 2022 compared to the achievement in the same period in 2021, which was IDR 11.21 trillion.

Meanwhile, the contribution of PTPP's business revenue growth of Rp. 13.46 trillion came from Business Identification by 56 percent and the remaining 44 percent came from Subsidiaries (PP Precision by 17 percent, PP Semarang Demak by 10 percent, PP Properti by 9 percent, PP Urban by 4 percent, and Others by 4 percent).

PTPP's financial performance in the third quarter showed a consistent increase where the company's operating income and net profit showed an increase compared to last year (yoy).

"Amid all the current challenges, PTPP is still trying to achieve the company's performance targeted by Management," said Bakhtiyar Efendi.

As of the third quarter of 2022, PTPP has recorded capital expenditures (capex) of IDR 2.65 trillion, an increase of 47.39 percent compared to the previous year of IDR 1.80 trillion. Most of these capital expenditures have been realized to finance ongoing investment (carry over).

In 2022, PTPP targets the absorption of capital expenditures of IDR 4.3 trillion which is planned to be used for investment participation in Subsidiaries, Entities, and Affiliation.