Jakarta. State-owned construction firm Adhi Karya, also known by its ticker symbol ADHI, reported a revenue worth Rp 5.7 trillion in the first half of 2024.

The company’s gross profit stood at Rp 521.7 billion in the said period. Net profit grew 11 percent from Rp 12.4 billion in the same six-month period last year to Rp 13.8 billion this year. 

“Projects such as the Solo-Yogyakarta-Kulonprogo and the Yogyakarta-Bawen Toll Roads helped contribute to our profit growth. Our housing project for the police force and the state intelligence agency [BIN] in the new capital Nusantara also led to this growth,” ADHI announced in a recent press statement. 

ADHI’s assets totaled Rp 36.2 trillion in the first half. It also recorded a 14-percent decline in business debt as well as a 20-percent drop in bank debt and bonds. This put ADHI’s liabilities at Rp 26.9 trillion in the first half of 2024, down 14 percent from Rp 31.3 trillion recorded last year. Equity reached Rp 9.2 trillion, while the net cash flow provided by operating activities stood at Rp 1 trillion. This was mainly driven by the Rp 4.1 trillion in LRT payments, as well as other payments from the company’s projects, according to ADHI.

“We are witnessing better solvency. Our total DER [debt-to-equity ratio] improved from 3.41x in the previous year to 2.91x. Our interest-bearing DER ratio also improved from 1.29x to 1.04x over the said period,” ADHI said.

“We vow to apply operational excellence so we can achieve maximum productivity on the projects that we are working on. We have secured Rp 10.2 trillion worth of new contracts so far as of the first half of 2024,” ADHI said.

The company also said that it planned to be more careful when taking on a new project by paying attention to the payment scheme. It will also keep an eye on the project payments.