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tate-owned construction company PT Adhi Karya expects more revenues will flow from construction projects overseas which are expected to further increase this year.

Adhi Karya president director Kiswodarmawan said that the company was currently working on a commercial complex development in Oman.

“We have been in intense talks for projects in Brunei Darussalam, however, we cannot reveal how much the project is worth. We also cooperate with Ciputra for development in Vietnam. We hope we will see further development next year,” Kiswodarmawan said.

“This year, we will focus on completion of projects in Oman then we will prepare for the Southeast Asian market,” he added.

He said that Adhi Karya had secured new contracts worth Rp 3.4 trillion (US$ 370 million) for the end of April and is preparing to bid for more jobs, including the development of mass rapid transit (MRT).

One of the new projects obtained is the development of Gempol–Pandaan toll road worth Rp 253.14 billion.

“We have 271 ongoing projects. About 65 percent of them are government’s projects, 20 percent from state-owned companies and the remaining 15 percent from private entities,” Kiswodarmawan said after the company’s annual and extraordinary meeting of shareholders on Friday.

Adhi Karya is targeting to reap 13.47 trillion in new contracts this year, comprising Rp 9.07 trillion in projects to be worked by the company itself and Rp 2.21 trillion in joint operations.

According to Adhi Karya’s presentation made available on the Indonesia Stock Exchange (IDX), the company is expecting that 43.99 percent of its total new contracts this year will be from the central government included in the state budget, 13.57 percent from local administration budget, 33.75 percent from state-owned enterprises and only 8.69 percent from private sources.

Adhi Karya is also expecting to reap Rp 9.42 trillion in revenue and Rp 204.65 billion in net profit by the year end. During the first three months of the year, Adhi Karya reaped Rp 591.63 billion in revenue, a 5 percent drop from Rp 625.26 billion in the same period last year.

Adhi Karya’s net profit stood at Rp 5.46 billion in the first three months of the year, a 122 percent jump from Rp 2.48 billion in the same period last year.