JAKARTA – PT Waskita Karya (Persero) Tbk (WSKT) recorded new contract values (NKB) of only IDR 6.8 trillion by the end of October 2024 (10M), still far from its annual target of IDR 14.5 trillion. Despite this, management remains optimistic about achieving the target by December 2024.

"There have been tender announcements postponed to November and December. We are confident that the IDR 14.5 trillion target is still within reach," said Rudi Purnomo, Director of Business Strategy, Portfolio, & Human Capital, during WSKT's public expose today (26/11).

With only two months remaining in 2024, the realization of new contracts by October represents just 47% of the target. For comparison, by the same period last year, NKB had already reached IDR 13.1 trillion.

"The drop in NKB achievement and production capacity is due to Waskita Karya still being in the midst of its restructuring process," explained Wiwi Suprihatno, WSKT’s Finance Director, at the same event.

WSKT is currently restructuring two banking facilities, including an amendment to the Master Restructuring Agreement (MRA) with 21 creditors, totalling IDR 26.37 trillion, and a Working Capital Credit Guarantee (KMKP) facility with five banks worth IDR 5.28 trillion.

In addition, WSKT is also restructuring four series of unsecured bonds, totalling IDR 4.7 trillion. Accumulated, WSKT’s restructuring efforts now amount to IDR 36.35 trillion.

It should be noted that the underachievement of NKB this year has caused WSKT's revenue to slip by 13.2% year-on-year (yoy) to IDR 6.8 trillion, while its net loss widened by 11.7% yoy to IDR 3.6 trillion as of September 2024. (ZH)