PT Wijaya Karya (Persero) Tbk is implementing financial restructuring to improve the company's performance, which has been successfully realized through increased operational productivity as reflected in increased sales in Q2 2023 by 28% Year on Year (YoY) to Rp9.25 Trillion and an increase in gross profit of 24% (YoY) to Rp779.04 Billion according to financial reports as of June 30, 2023.
The largest contribution to sales came from the infrastructure and building construction segment of 52%, followed by Industry by 24%, EPCC by 18% and real estate property by 8%. This contributed to the company's core operating profit which increased by 18% from the same period last year to Rp326.49 Billion.
The company has also made efforts to collect other expenses for several completed projects, including pushing through the legal negotiation process to obtain final decisions such as the Indonesian National Arbitration Board (BANI), the Court, and domestic and international legal counsel. This is also real evidence of the company's serious efforts to maintain corporate accountability, as stated in the financial reports.
Reflecting on the Financial Report for Q2 2023, Agung BW said that the company was able to operate well in the midst of a challenging situation. This is evidenced by the production process that continues to run even though the company has been in a standstill condition since April 2023.
"In this condition, WIKA is still able to record an increase in sales. This was achieved in line with WIKA's transformation steps which consist of three pillars, namely focusing on cash, project execution excellence, and portfolio balancing. Various steps that have been taken by management such as the implementation of Enterprise Resources Planning (ERP) based on the SAP platform, selective project selection and focused on the monthly progress payment scheme, as well as the implementation of the four eyes principle in risk management and project management evaluation have been proven to be progressively capable of increasing operating results to date," said Agung BW.
This success is evidenced by the trust given by the project owner to WIKA where until Semester 1 2023 WIKA has obtained new contracts worth Rp11.47 Trillion. This trust is inseparable from WIKA's commitment to menjalin kerjasama yang baik dengan mitra kerja, tercermin pada pembayaran vendor yang telah dilakukan sebesar Rp10,78 Triliun.
Agung BW emphasized that the restructuring and improvement steps that are currently being carried out by WIKA will continue to be carried out sustainably in order to accelerate the company's efforts to be able to sustain and grow well in the future.
WIKA Wins New Contract to Work on Patimban Toll Road Access
Adding to the new contract wins as of June 2023, WIKA has also been trusted to work on the Patimban Toll Road Access Package 4 project, West Java. The project entrusted by the Ministry of PUPR to WIKA-Adhi KSO is planned to be completed by the end of 2024 with WIKA's portion worth Rp620.31 Billion.
The construction of this 3.55 km toll road is carried out to encourage the development of industrial estates along the toll road and increase connectivity from and to Patimban International Port.
President Director Agung BW said that the construction of this project also continues WIKA's success in the mission of building Patimban Port to support export activities and increase the national logistics index. WIKA has previously succeeded in working on packages 1 and 3. Currently, WIKA is also working on package 6 with the scope of additional construction of a container dock of 419 meters and reclamation work for the construction of a 27-hectare container terminal.