Friday, 19 July 2019 | 05:26 WIB

Wijaya Karya’s Net Profit for 2018 Surpasses IDR2 Trillion

Wijaya Karya's Net Profit for 2018 Surpasses IDR2 Trillion (wika)

JAKARTA, NETRALNEWS.COM - Based on the audited 2018 financial statements of state-owned construction company PT Wijaya Karya (Persero) Tbk (IDX:WIKA), the company obtained net profit growth of 52.89 percent to IDR 2.07 trillion, as compared to IDR 1.36 trillion in 2017.

WIKA's sales (not including operating cooperation/KSO projects) throughout 2018 reached IDR. 31.16 trillion a jump of 19.03 percent compared to the previous financial year of IDR. 26.18 trillion.

The biggest sales contribution came from the infrastructure & building sectors. Then followed by the next sector in a row, namely: energy & industrial plant, industry and property.

The increase in net profit and sales was supported by the application of technology and efficiency-generating innovations in several projects including the application of BIM technology and innovation in the WEB cyclone Simulation to the New Development of Oecusse Airport Project.

The company's Net Profit Margin (NPM) in 2018 rose 6.65 percent compared to the 2017 achievement of 5.18 percent. The positive graph above is getting stronger with a positive operating cash flow of IDR 2.72 trillion.

"This acquisition further strengthens WIKA's confidence to meet the targets in 2019," said Tumiyana, President Director of Wijaya Karya. He expressed optimism that other positive results also come from the number of assets. Throughout 2018, WIKA's assets grew by 29.65 percent to IDR 59.23 trillion compared to IDR45.68 trillion in 2017.

"WIKA's performance during 2018 shows that we have on track produced efficiency and the potential to continue to grow financially as well as project portfolios. "We are grateful that WIKA has been trusted to handle various strategic projects so that WIKA's space to develop is still very broad," Tumiyana said.

In financial ratios, the position of interest-bearing debt compared to the company's equity (Gross Gearing Ratio) is recorded at a low level of only 0.79 times, with a debt covenant of 2.5 times. Even if the interest bearing debt is reduced by the cash position of the company's cash equivalent and compared to the total equity, the company is listed at the position of -0.02 times.

This means that the company has cash equivalent of IDR 13.97 trillion, which is higher than the total interest bearing debt of IDR 13.59 trillion.

WIKA also continued to add a portfolio of new contracts in the field of road infrastructure, buildings and ports with the company selected to work on the Pekanbaru - Padang toll road project valued at IDR.8.68 trillion, Mixed Used Building in Senegal worth IDR 3.50 trillion, Kijing Terminal worth IDR.2.49 trillion, and Terminal and Apron of Sultan Hasanuddin Airport worth IDR2.42 trillion.