State-owned construction firm PT Waskita Karya (Persero) Tbk's performance recovered as was apparent from Rp33.4 billion of net profit recorded in the first semester of 2021.
Waskita's President Director Destiawan Soewardjono attributed this performance recovery to the application of a comprehensive business strategy that was not only profit-centric but also supported national development.
Soewardjono, in a statement here on Thursday, remarked that this achievement of net profit was supported by toll divestment in the second quarter.
"As a way to conduct toll road development with the application of the recycling asset business model, we not only develop new toll roads that are beneficial to the public but also manage to acquire profits through divestment of toll road enterprises," he explained.
During the January-June 2021 period, Waskita clocked revenue of Rp4.7 trillion, with gross profit amounting to Rp15.6 trillion.
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Amid the pandemic-induced uncertainty, Waskita managed to record net cash flow of Rp673 billion from positive operation activities. In addition, the company recorded investment cash flows of Rp1.7 trillion and cash fund flow of Rp34.2 billion.
Until June 30, 2021, Waskita bagged new contracts worth Rp3.1 trillion. Around 65 percent of the new contracts comprised projects of the government and state-owned enterprises, while the rest were private and business development projects.
During the second semester, it will focus on boosting operational productivity through several primary strategies that include refocusing equipment and human resources coupled with strengthening the implementation of digitalization of the entire business process.
"We have targeted to accelerate the entire existing project in the third and fourth quarter to not only achieve the revenue target but also to preserve the trust that clients have placed on us," Soewardjono affirmed.
Moreover, Waskita is eyeing to complete the finance restructuring process and several divestment transactions in the third and fourth quarters of this year.
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Editor : Mahdani
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