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ublicly listed precast concrete maker Wika Beton is looking to book a more than 20 percent increase in revenue this year on the back of the government'€™s large infrastructure projects.

The company posted growth in its financial performance last year.

Wika Beton corporate secretary Puji Haryadi said on Monday that his company was looking to bookRp 4 trillion (US$303 million) in its top line, supported by numerous infrastructure development projects as promised by the new government.

The Rp 4 trillion target means that Wika Beton aims to secure around 22 percent revenue growth this year, compared with the Rp 3.28 trillion the company registered in 2014.

'€œWe are upbeat about booking the targeted revenue as there are, hopefully, many infrastructure projects including roads, ports and railways that will start construction this year,'€ he said.

A subsidiary of state-run construction firm Wijaya Karya, the company was keen to book Rp 4 trillion in new contracts this year, more than double compared to the Rp 1.6 trillion worth of contracts it booked last year.

He added that Wika Beton was also optimistic about booking strong growth this year, given a strong contribution from the private sector to the company'€™s projects '€” making up around 50 percent of the company'€™s new contracts. This provides assurance of income with or without projects from the government.

Wika Beton, Southeast Asia'€™s biggest precast concrete producer, recorded a 24 percent increase in its revenue last year from the Rp 2.64 trillion it booked in 2013.

The company also enjoyed a surge in its net profits by around 35 percent from Rp 242.87 billion.

'€œWe booked such increases in our revenue because of a number of big projects last year, despite an industry slowdown during election year,'€ Puji explained.

Wika Beton went public in the second quarter of last year and raised the second biggest amount of funds from the stock market last year, after transportation company the Blue Bird Group.

The concrete maker earned Rp 1.2 trillion from its initial public offering (IPO), of which 85 percent was allocated to finance business expansion while the remaining 15 percent was to be spent on working capital.

Wika Beton'€™s shares opened at Rp 770 during its trading debut on April 9, and closed 69 percent higher to Rp 1,300 a piece on the last trading day of 2014.

The company'€™s shares rose by 3.42 percent to Rp 1,360 per share on Wednesday, compared to a day earlier, after it announced its full-year result.

Puji said that his company was planning to disburse Rp 520 billion of capital expenditure (capex) this year, which would be allocated to expand its existing plants, build new plants and develop stone quarry sites.

The company plans to build three new factories in Lampung, Cilegon (Banten) and Makassar (South Sulawesi), its annual report stated.

The Cilegon plant is a joint venture with state-owned construction giant Krakatau Steel'€™s subsidiary, Krakatau Engineering, and cost the firm Rp 175 billion in investment.

The Lampung facility, which will be integrated with a port, absorbed a total investment of Rp 350 billion.

The company has also started the construction of a quarry to produce raw materials for its production in Bogor.

'€”JP/Anggi M. Lubis