JAKARTA. Supported by the government, PT Waskita Karya (Persero) Tbk (WSKT) is optimistic about attaining new contract target in 2024 of IDR 17 trillion. Until November (11M) 2023, the company managed to secure new contracts worth IDR 14.4 trillion amidst its debt restructuring process.

“Until the end of 2023, the new contract target is set to IDR 16 trillion,” said the management of Waskita during the 2023 Annual Public Expose held virtually yesterday (21/12). In other words, WSKT aims to score 6.25% year-on-year (yoy) new contract growth in 2024 to IDR 17 trillion.

Until this November, IDR 6.7 trillion out of IDR 14.4 trillion, or 46.52% of new contracts, were acquired from the projects in Nusantara Capital City (IKN). Some of those major projects include Nation Secretariate Building worth IDR 1.3 trillion, Kemenko Building of IDR 735 billion, and Flats for Civil Apparatus worth IDR 1.1 trillion.

Another form of support of government is given through State Equity Participant (PMN) which will be indirectly channelled through PT Hutama Karya (Persero). “As we are focusing on construction projects, PMN will be directed through Hutama Karya,” said Muhammad Hanugroho, President Director of Waskita Karya, yesterday.

According to the publicly circulating issue and plan, the Ministry of SOEs is indeed exploring the possibility of merging construction SOEs, including Waskita Karya and Hutama Karya.

“We are under the process of preliminary discussion between Hutama Karya and Waskita, within the next year, to discuss the integration process,” revealed Rudi Purnomo, Director of Business Development of WSKT.

Not only that, WSKT also plans for revenue growth to IDR 14 trillion at the end of 2024. “With said new contract growth, we hope to see growth also in revenue,” added the management.

Waskita is reported under the process of Master Restructuring Agreement (MRA) for its debts. It is mentioned that 17 of 21 bank creditors have agreed upon the restructuring scheme.

“4 other banks are under internal review processes. It is hoped that in January 2024, all banks will approve the terms of agreement, and we may proceed to finalisation of new MRA,” concluded Hanugroho. (ZH)