JAKARTA – Up until the end of Q3 2023, PT Waskita Beton Precast Tbk (WSBP) only used up 30% of total capital expenditure (capex) set for this year. However, WSBP already plans to increase its 2024 capex by 10%-20%.

According to the board of directors of WSBP during Annual Public Expose 2023 of WSBP today (12/12), the company had only spent 30% of total budgeted capex for 2023, amounting to IDR 80 billion.

“First, we use it for maintenance of our precast products. In addition, the capex is spent on investment for land certification, so that our assets are firmer,” said Bambang Dwi Wijayanto, Director of Business Development of WSBP.

For 2024, WSBP projects capex of IDR 100-130 billion. “It will be used to reinforce our plant infrastructures, both batching plant and production plant. The allocation will be directed to our new precast that will be utilised for projects in 2024,” Wijayanto added further.

WSBP indeed is preparing for product innovation, such as pier and pierhead precast that will be mostly installed in construction of LRT, MRT, and huge bridges in densely-populated areas.

“We eye projects in Jakarta, including MRT, LRT, and double decker toll road of Taman Mini – Pondok Indah – Ulujami,” said Wijayanto.

As of now, WSBP still relies on internal cash for funding. ”Only when our credit rating has improved can we consider for seeking new funding,” Asep Mudzakir, Director of Finance and Risk Management of WSBP, added.

Last September, WSBP reported having conducted corporate action in relation to debt restructuring process, through debt-to-equity conversion for its vendors.

Still optimistic, WSBP eyes IDR 1.4-1.5 trillion at the end of this year. “In terms of profit and loss, we are optimistic that in 2023, we will score positively, although the numbers must await auditing process,” said Mudzakir.

Until the end of Q2 2023, WSBP had indeed recorded impressive performance. The company managed to collect revenue of IDR 2 trillion and net profit of IDR 675 billion. (ZH)