JAKARTA – PT Totalindo Eka Persada Tbk (TOPS) discussed its post-Suspension of Debt Payment Obligations (PKPU) strategy and business projections for 2025 during a public presentation held on Friday, January 31, 2025.

“Although the company did not secure new contracts in 2024 due to the consolidation process following PKPU, carry-over projects from previous years have remained a source of revenue. With the conclusion of PKPU in August 2023, management is optimistic about securing new contracts in 2025,” said Marcel Rosihan Yacub, Acting President Director of TOPS, in a written statement to the Indonesia Stock Exchange (IDX) on Monday (3/2).

The company acknowledged that it is still in the consolidation phase following the PKPU homologation ruling. However, Dita Aryanto, Director of TOPS, explained that Totalindo will actively participate in project tenders and aims to improve performance compared to the previous year, especially to meet obligations to creditors post-homologation.

Additionally, the company’s post-homologation strategy will include fulfilling obligations to various creditors under the peace agreement, collaborating with strategic partners, and strengthening corporate governance and financial management to ensure the company’s stability.

In response to questions regarding asset fluctuations, management explained that the decline in assets in the first quarter of 2025 was due to the realization of project billings, while the increase in the third quarter was driven by ongoing project receivables that had not yet matured.

As of the first quarter of 2024, TOPS' assets reached IDR 1.61 trillion, rising to IDR 1.62 trillion in the second quarter and remaining relatively stagnant at IDR 1.62 trillion in the third quarter of 2024. (DK/ZH)