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State financing firm SMI’s net income surges to Rp 1.21t
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An aerial view of the development of a toll road connecting North Sumatra capital city Medan to the provincial city of Tebing Tinggi in North Sumatra. (Antara/Irsan Mulyadi)
S
tate infrastructure financing firm Sarana PT Multi Infrastruktur (PT SMI) booked revenue of Rp 2.32 trillion (US$174 million) in 2016, an increase from the previous year’s figure of Rp 744 billion.
Meanwhile, its net income jumped to Rp 1.21 trillion from Rp 305 billion in the previous year, data from the company shows.
Total financing in its eight years of operations reached Rp 193.8 trillion, mostly to finance toll road projects.
(Read also: State financing firm seeks loans for LRT project)
Up until February, its financing commitment had reached Rp 44.55 trillion. “This year, we set a target of Rp 66 trillion,” said SMI president director Emma Sri Martini in Jakarta on Wednesday as reported by kontan.co.id.
SMI would continue to rely on toll road and electricity projects this year to improve its financial performance, said Emma, adding that, however, her company had also received orders to finance port and airport construction projects in a number of regions.
“The majority of our projects will be still toll roads because there are many toll road projects that should be constructed,” She added. (bbn)
