Not laying off employees, WIKA Recorded Net Profit of IDR 141 Billion

JAKARTA, KOMPAS.com – PT Wijaya Karya (Persero) Tbk or WIKA posted a net profit of IDR 141 billion from sales of IDR 10.38 trillion during the third quarter of 2020.

President Director of WIKA Agung Budi Waskito said, this performance was a form of the Company’s ability to continue working in the midst of the Covid-19 Pandemic while maintaining 100 percent of its human resources (HR).

“We hope that the pandemic can be resolved soon. In 2021 WIKA is ready to grow back like in previous years,” said Agung in a written statement to Kompas.com, Thursday (29/10/2020).

Until September 2020, WIKA has acquired new contract worth Rp. 6.84 trillion.

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Two new contracts recently secured include a swamp irrigation project for development food estate in Central Kalimantan, and the Ancol Sentiong Water Pump for flood prevention in the Sentiong area.

Meanwhile, the new overseas contract is in the form of the Multi Purpose Sport Complex project in the Solomon Islands for a tournament between the Pacific countries in 2023.

The remaining two months, WIKA is participating in the tender process for national and international projects with a total value of around Rp. 20 trillion to Rp. 23 trillion.

Thus, Agung is optimistic that the Company can meet the new contract target in 2020 of IDR 21.37 trillion.

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“If added with the projects that have been achieved, then order book WIKA reaches Rp. 100 trillion which we can produce in the next few years, “added Agung.

WIKA’s ability to grow is supported by the Company’s healthy financial condition, which is shown by the Company’s cash equivalents in the third quarter of 2020 in the position of Rp. 7.69 trillion.

While gross gearing ratio is at the level of 1.41 times with net gearing ratio at the level of 0.94 times compared with covenant bank is at the level 2.5 times.

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