JAKARTA – PT Adhi Karya (Persero) Tbk (ADHI) took a downturn by 96.43% to IDR 23.70 billion in 2020 from IDR 665.04 billion in 2019. This profit decline resulted from the inadequate revenue from the construction services sector on top of the increasing financial cost during the COVID-19 pandemic.
Entus Asnawi Mukhson, the President Director of ADHI, admitted that the revenue only reached IDR 10.82 trillion, down from IDR 15.30 trillion in 2019. Meanwhile, the gross profit in 2020 was IDR 1.73 trillion, lower than IDR 2.33 trillion in 2019.
In 2020, ADHI reported the earnings and the earnings before tax were at IDR 1 trillion and IDR 39.73 billion, respectively. It also decreased from 2019, which reported IDR 1.44 trillion earnings and IDR 686.49 billion earnings before tax. The apparent shrinkage in the earnings before tax was due to a higher financial cost from IDR 563.79 billion to IDR 794.51 billion.
The construction service contributed IDR 7.43 trillion to the revenue, around IDR 5 trillion lower than IDR 12.41 trillion in 2019. Additionally, the property/real estate sector added IDR 1.62 trillion, increasing from IDR 1.44 trillion; the manufacturing investment IDR 1.26 trillion, also increasing from IDR 941.89 billion; and Engineering, Procurement, and Construction (EPC) IDR 484.17 billion, down from IDR 501.56 billion. (LK/ZH)