Friday, 06 December 2019 | 12:56 WIB

Subsidiaries Support PTPP IDR2.3 Trillion New Contract Achievement

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JAKARTA, NNC - PT PP (Persero) Tbk (PTPP), Indonesia's leading construction and investment company, announced a total acquisition of a new contract worth IDR2.3 trillion in January 2018, consisting of PTPP Induk of IDR929 billion and subsidiaries of IDR1.4 trillion.

Tumiyana, President Director of PTPP explained that the acquisition of PTPP Induk's new contract consists of AEON Apartment Phase 2 (Structure) Building project amounting to IDR523 billion and Executive Port of Merak Infrastructure project amounting to IDR406 billion.

He explained that the largest contribution of new contracts in January 2018 was obtained from PT PP Presisi Tbk (PPRE) – a subsidiary engaged in heavy equipment-based contractor business. PPRE succeeded in securing a new contract of IDR1.0 trillion (after elimination), followed by PT PP Properti Tbk (PPRO) of IDR200 billion, PT PP Urban amounting to IDR130 billion (after elimination), and PT PP Energi amounting to IDR20 billion.

"Thus, the total contracts encountered or order book reached by PTPP as of January 2018 amounted to IDR60.4 trillion consisting of new contracts amounting to IDR2.3 trillion and a carry-over contract in 2017 of IDR58.1 trillion," he said in a written statement, Wednesday (2/14/2018).

Over the past year, PTPP has secured a new contract of IDR41.0 trillion consisting of regular contracts of IDR38.8 trillion and Joint-Operation (JO) contracts of IDR2.3 trillion. For 2018, PTPP is targeting a new contract of IDR49 trillion or 20 percent higher than the acquisition of new contracts achieved in 2017.

"With this new contract target, PTPP will have a total order book of more than IDR100 trillion, which will be a strong base for revenue growth and net income of the company, not only for 2018 but also for subsequent years," said Tumiyana.