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PP Presisi records 498% jump in net profit
PT PP Presisi, a subsidiary of state-owned construction firm PT Pembangunan Perumahan (PT PP), has recorded a consolidated net profit jump of 498 percent in 2017 to Rp 245 billion from Rp 41 billion in 2016.
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PT PP Presisi president director Iswanto Amperawan (second right) speaks at a November 2017 press conference at the Indonesia Stock Exchange, accompanied by (from left), operations director Hasanin Ade Putra, finance director and corporate secretary Benny Pidakso and independent director Arief Subyandono. (JP/Anton Hermansyah)
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T PP Presisi, a subsidiary of state-owned construction firm PT Pembangunan Perumahan (PT PP), has recorded a consolidated net profit jump of 498 percent in 2017 to Rp 245 billion (US$17.15 million) from Rp 41 billion in 2016.
The company also recorded a 389 percent jump in consolidated income to Rp 1.8 trillion from Rp 371 billion, according to the statement it released on Monday.
“We are proud of PP Presisi's achievement in 2017. The business transformation that we initiated in 2014 has borne fruit [in] the significant increase in earnings and net profit,” PP Presisi president director Iswanto Amperawan said in the statement.
The increased income was boosted by a 617 percent increase in civil engineering projects from Rp 197 billion to Rp 1.4 trillion, which contributed 78 percent of the company’s consolidated earnings.
The boost came from projects such as the Bakauheni-Sidomulyo, Pandaan-Malang and Manado-Bitung toll road projects, the Way Sekampung and Leuwi Keris dam projects, the Sinabung volcano lahar excavation project as well as projects that had carried over from previous years.
The company also recorded increases in gross profit and operational profit of 369 percent and 379 percent, respectively.
Gross profit rose from Rp 95 billion to Rp 446 billion and operational profit rose from Rp 81 billion to Rp 389 billion, while it net profit margin increased from 11 percent to 13 percent year-on-year.
Meanwhile, the company reported 1,051 percent increase in equity from Rp 211.9 billion to Rp 2.4 trillion. (ami/bbn)
