Jakarta. State construction company PT PP (PTPP) reported a net profit of Rp 481 billion ($30.5 million) in 2023, marking a 77 percent increase compared to the same period in 2022.

The publicly-listed PTPP posted a 5.6 percent increase in revenue, reaching Rp 19.99 trillion compared to the previous year's Rp 18.92 trillion.

"The heightened revenue in 2023 is attributed to the strengthened performance in the engineering procurement and construction (EPC) segment, witnessing a staggering 98 percent surge to Rp 2.33 trillion from the previous Rp 1.17 trillion," the company stated in its announcement on Tuesday. 

Similarly, the property and realty segment experienced a 13 percent surge, escalating from Rp 1.97 trillion to Rp 2.24 trillion.

However, the construction revenue, PTPP's primary business, witnessed a decrease from Rp 15.28 trillion to Rp 14.68 trillion.

The equipment leasing business experienced an increase from Rp 132 billion to Rp 153 billion. Conversely, revenue from the energy business decreased from Rp 147.605 billion to Rp 147.106 billion.

In 2023, PTPP recorded a new revenue stream from toll road operations, amounting to Rp 68.30 billion.

PTPP's operating expenses increased by 6.10 percent year-on-year to Rp 741 billion from the previous Rp 698 billion.

Another positive aspect of PTPP's performance is its success in reducing liabilities to Rp 41 trillion from the previous Rp 42 trillion. The company's debt collection reached Rp 42 trillion. PTPP's adept debt management has bolstered its equity to Rp 15 trillion from the previous Rp 14 trillion.