Jakarta. State-owned construction company PTPP has maintained its existing management structure following its 2025 Extraordinary General Meeting of Shareholders on Thursday, signaling continuity as the company prepares for a potential industry consolidation and sets ambitious growth targets for next year.

President Director Novel Arsyad said the meeting did not include any changes to the board, as shareholders approved only amendments to the company’s articles of association and endorsed PTPP’s 2026 Work Plan and Budget.

“In line with the agenda, there were no changes to the management. This extraordinary meeting focused solely on revisions to the articles of association and the ratification of the 2026 corporate work plan and budget,” Novel told reporters.

Addressing the government’s plan to merge state-owned construction firms, Novel said the process remains ongoing and within the established framework. PTPP continues to coordinate regularly with sovereign wealth fund Danantara as well as external consultants to assess the potential transaction.

“Many of you may have heard that the merger is projected to take place in 2026. There is still a great deal of work to be done, both internally and externally, including detailed evaluations of risks, market conditions, and future prospects,” he said.

Following the merger, PTPP intends to remain focused on its core competencies in construction. Novel emphasized that the company will prioritize projects in building construction, infrastructure, and Engineering, Procurement, and Construction (EPC), areas where it has established technical expertise.

“Our focus going forward is to strengthen our capabilities in building, infrastructure, and EPC. We will maximize the competencies we already have in these segments,” he said.

PTPP will continue to target strategic projects from both the public and private sectors, while applying more selective criteria to improve margins.

2025 Performance and 2026 Outlook
By the end of this year, PTPP expects to achieve around ninety-two percent of its initial new contract target. For 2026, the company has set a new contract target of Rp 23.5 trillion, equivalent to about $1.4 billion, with a stronger emphasis on project quality and profitability.

PTPP is also maintaining its international expansion, including a long-term railway construction project in Manila, the Philippines. The project has an estimated construction period of about five years, and management said progress remains on track.