Growing 37.31 Percent, Wika Gedung Recorded Net Profit Of IDR 1.63 Trillion

JAKARTA - PT Wijaya Karya Bangunan Gedung Tbk (WEGE) recorded a net profit of IDR 17.6 billion in the second quarter of 2023.

This net profit was supported by an increase in revenue of 37.31 percent to Rp1.63 trillion compared to the same period the previous year of Rp1.18 trillion.

Finally, the Concession segment contributed Rp30.65 billion or grew by 24.59 percent (yoy) compared to the previous year which reached Rp24.60 billion.

WEGE President Director Hadian Pramudita said this achievement was based on a commitment to focus on improving the company's positive performance.

"One of them is through financial management, especially costs well and is able to control contracts obtained through tiered control efficiency and centralization, as well as the company's business development strategy," Hadian said in his official statement, quoted Tuesday, August 1.

The company itself noted that cash and cash equivalents as of June 30, 2023 reached Rp480.73 billion, total equity of Rp2.53 trillion, and total assets of Rp5.30 trillion. Meanwhile, Debt to Equity Ratio (DER) of 1.10 (times), Gearing Ratio of 0.31 (times), and Current Ratio of 202.75 percent.

"This condition shows that WEGE has a healthy level of liquidity and fundamentality," said Hadian.

WEGE also noted that the new contract until June 2023 reached IDR 826.07 billion with the achievement of order book to IDR 9.97 trillion.

From the achievement of the new contract, the composition of the government market is 64.89 percent, the private sector is 30.99 percent, and SOEs is 4.11 percent.

Hadian said that his party is currently still targeting projects from the government and BUMN. The projects from the private sector consist of office projects, public facilities, and residential projects.

"WEGE is also optimistic that in the near future it will win a contract at IKN. With the addition of this project contract, it is hoped that WEGE can get closer to the target that has been set," he said.

The composition of the new contracts until June 2023 was obtained from the MKGI (Center of Excellence)-BMKG Education Building Development project worth IDR 247.18 billion, Sky House Alam Sutera worth IDR 237.10 billion, and Khay Ming School Surabaya IDR 14.90 billion.

Then, there is the Modern Office of the Bank Indonesia Office Complex worth Rp. 198.87 billion, the Cianjur Health and Worship Facilities Renovation series of Rp. 90.00 billion. Meanwhile, the Concession sector reached Rp. 31.24 billion and the Modular sector was valued at Rp. 6.77 billion.