PTPP Secures New Contract Value of IDR 4.9 Trillion in the First Quarter of 2024

April 25, 2024, 04.15 AM | Reporter: Pulina Nityakanti

ILUSTRASI. Workers walk near a building construction project being carried out by PT PP Persero in Central Jakarta, Thursday (21/3/2024). Minister of State-Owned Enterprises (BUMN) Erick Thohir said that he had consolidated the plan to merge 7 Karya BUMNs into just 3 companies. This decision was made to make BUMN healthy in the work sector. The seven BUMs are PT Waskita Karya Tbk with PT Hutama Karya (HK), PT Nindya Karya with PT Brantas Abipraya and PT Adhi Karya Tbk, and PT Wijaya Karya Tbk (WIKA) with PT Pembangunan Perumahan Tbk (PTPP). KONTAN/Cheppy A. Muchlis/21/03/2024

CORPORATE STRATEGIC - JAKARTA. PT PP (Persero) Tbk (PTPP), a state-owned construction and investment company, has secured new contracts worth IDR 4.9 trillion ($340 million) in the first quarter of 2024.

"The new contracts in the first quarter are almost IDR 5 trillion, which is IDR 4.9 trillion. Several projects that are currently in the tender process will be included in the second quarter of 2024," said Novel Arsyad, the President Director of PTPP, at the company's annual general meeting press conference on Wednesday (24/4).

So far, PTPP has secured total contracts in the new capital city worth IDR 11.23 trillion ($780 million).

Yul Ari Pramuraharjo, PTPP's Director of Infrastructure Operations, stated that several contract packages in the new capital city are already underway. These include the Core Government Center (KIPP) 1 with a contract value of IDR 100 billion ($7 million), and KIPP 2 with a contract value of IDR 335 billion ($23 million).

"The infrastructure for both projects is 100% complete. The work is targeted to be finished by August 17, 2024," Yul said at the same event.

Yul explained that other construction projects currently being worked on include the VVIP Airport, Toll Road 3B, West National Axis, and Toll Road 6C.

In addition, PTPP is also working on several building projects. Yuyus Juarsa, PTPP's Director of Building Operations, mentioned that the building projects currently being worked on include the Presidential Palace, the Presidential Office, the ASN-Hankam flats, the Bank Indonesia office complex, and the Ministry of Public Works and Housing building.

For your information, PTPP recorded a profit of IDR 481.37 billion ($33 million) in 2023. This profit increased by 77.17% from the profit in 2022, which was IDR 271.69 billion ($19 million).

According to information disclosed by the Indonesia Stock Exchange, PTPP's revenue also increased in 2023. By the end of last year, PTPP recorded revenue of IDR 18.46 trillion ($1.28 billion). This figure is down 2.41% from the revenue in 2022, which was IDR 18.92 trillion ($1.31 billion).