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Jakarta Post

Construction SOEs set high targets for new contracts in 2021

The Jakarta Post Image
Wijaya Karya signage is installed near a project in Jakarta. ( Prabowo)
Eisya A. Eloksari
Jakarta   ●   Wed, March 31, 2021

Indonesia’s top three state-owned construction firms have set high targets for new contracts this year, as they carry over delayed projects from last year, in pulling their finances out of the red.

Publicly listed PT Waskita Karya (WSKT), PT Wijaya Karya (WIKA) and PT Pembangunan Perumahan (PTPP) collectively aim to get Rp 96.22 trillion (US$6.6 billion) worth of new contracts in 2021, up 33.2 percent from the Rp 72.26 trillion realized last year, in undoing the plunge in their net profits in 2020, company executives have said separately.

“This year, I estimate the performance of each issuer will be better than 2020. But I think their performance will still not exceed their performance in 2019, which was the heyday of the construction sector,” Artha Sekuritas Indonesia analyst Dennies Christoper told The Jakarta Post in a t...

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