PTPP recorded higher new contract value than other construction SOEs in 2019
JAKARTA. PT Pembangunan Perumahan (Persero) Tbk (PTPP) obtained new contracts with a total value of Rp 33.5 trillion in 2019, the highest compared to other construction companies owned by the Indonesian government.
Joshua Michael, an analyst from Mirae Asset Sekuritas, said that the total value of new contracts obtained by other construction SOEs is still far compared to PTPP. For example, PT Waskita Karya (Persero) Tbk (WSKT) recorded Rp 26 trillion and PT Adhi Karya (Persero) Tbk (ADHI) recorded Rp 14.7 trillion.
"PTPP came out as the winner in terms of new contracts in 2019. Although there was severe disappointment about the realization of new contracts in FY2019," Michael explained in writing today.
The disappointment, said Michael, was caused by the decline in the value of PTPP's new contracts, which reached 22.9% YoY.
In truth, PT Wijaya Karya (Persero) Tbk (WIKA) recorded higher figure (Rp.41.1 trillion). However, the figure is only about 67% of the estimates made by Mirae Asset Sekuritas. Meanwhile, PTPP realized 75% of the estimate. (KR/AR)