Challenging global economic conditions and the construction sector have put considerable pressure on the construction industry. This is reflected in the acquisition of new contracts of PT Wijaya Karya (Persero) Tbk (WIKA) in the first quarter of 2025 which only reached Rp2.16 trillion, a decrease compared to the same period the previous year. However, the Company was still able to book total sales of Rp4.84 trillion, which came from non Cooperation Operation (KSO) projects amounting to Rp3.11 trillion and KSO projects amounting to Rp1.73 trillion.
The majority of the main contribution of sales came from the infrastructure and building segment, EPC, construction business support industry and real estate property. For this sale, WIKA recorded a gross profit of Rp393.46 billion, which came from non-SPO project profits of Rp231.33 billion and the rest from KSO project profits.
From the Balance Sheet side, consistent efforts in carrying out this restructuring step have succeeded in making WIKA reduce the amount of its debt to both partners and financial institutions by IDR 1.47 trillion in the first quarter of 2025 compared to 2024.
These positive achievements were also accompanied by agreements that have reached the approval quorum with bondholders, especially on the Shelf Registration Bond II Phase II Year 2022. This shows the support and trust of stakeholders in the restructuring steps being taken by the Company. For the achievement of the quorum, the credit rating agency PT Pemeringkat Efek Indonesia (PEFINDO) has again raised the rating of WIKA's Shelf Registration Bond II Phase II Year 2022 Series A from idD to idCCC. However, the Company also still needs support from the holders of the Sustainable Sukuk Mudharabah II Phase II Year 2022 to be able to approve the proposal submitted as part of the Company's restructuring steps.
“The Company expresses its deepest appreciation for the trust and support given by stakeholders. The current restructuring steps are not only about improving the financial structure, but also strengthening our fundamentals and operations to be more excellent in order to maintain business sustainability,” said Agung BW.