Jakarta, May 17, 2023. PT Waskita Karya (Persero) Tbk. Stock code: WSKT posted a gross profit of IDR 400 billion in the first quarter of 2023 financial statements (1Q23). This figure increased by 21.47% YoY amid lower COGS (Cost of Good Sold) conditions where construction raw material prices were increasingly stable.
The company is also conducting a review of the Implementation of the MRA (Master Restructuring Agreement), where this review is expected to provide space for Waskita to be able to carry out its business processes even better. Certainty of working capital, smoother cash flow management while prioritizing credibility and accountability, as well as settlement of all existing obligations.
SVP Corporate Secretary of the Company, Ermy Puspa Yunita explained that apart from gross profit, the corporation also recorded positive EBITDA. "EBITDA for Q1 2023 was recorded at IDR 660 billion, an increase of 101% YoY as a result of increased gross profit and reduced interest expenses during the first quarter of 2023," said Ermy.
The Company also recorded a tender winning rate of 33.33% in Q1 2023. This shows that the Company is very competitive among other competitors. "We hope that this year's new contract value will reach IDR 20 trillion," said Ermy.
In addition, Waskita posted a sales volume of IDR 2.3 trillion. This revenue was from the construction services sector which increased 15% YoY and contributed up to 84% of total revenue. Toll Road Revenues and Sales of Precast Products increased as a reflection of toll road operations and production volumes at WSBP.
One of the Company's strategies for improving financial performance is to minimize non-turnkey payment projects. It was recorded in Waskita's new contract report for Q1 2023 that it consisted of 97.78% non-turnkey payments. "In terms of project operations, 43.57% of the new contracts are joint ventures which provide more benefits for the Company. What's more, namely minimizing financial risk in the application of technological methods, empowering human resource capabilities through knowledge transfer, and increasing the Bid Win Rate Tender," added Ermy.
For information, previously the Company won an IKN contract value of IDR 4.16 trillion in 2022. Meanwhile, from January to March 2023, the Company obtained a new contract value (NKB) of IDR 4.7 trillion or 20% of the NKB target in 2023 Based on project segmentation, the majority came from government projects by 63.50%, BUMN & BUMD by 22.68% and the rest from Subsidiaries by 13.83%. This is in line with the Company's target of paying through monthly payments. "With monthly payments, Waskita's cash flow runs smoothly," explained Ermy.
One of the projects obtained by the Company is an overseas project, the construction project for Suai Airport and Jalan Sakato – Noefafan which will be completed in 2020.
"After that Waskita also obtained the work project for the President Nicolau Lobato International Airport in Timor Leste with a total contract value of IDR 1.1 trillion. And in 2022 Waskita will again be trusted by the Government of Timor Leste to work on the Noefefan - Oenuno Road project in Oé-Cusse, Timor Leste worth US$22.1 million or the equivalent of Rp.322 billion," concluded Ermy.
The Company is committed to completing projects that are being carried out on time and always upholds Quality, Health, Safety, and Environment (QHSE). The company is also determined to become a leading contractor with advanced ESG development by building a sustainable ecosystem with high-quality, prudent, and strict QSHE implementation.
