Jakarta. State-owned construction and investment firm PTPP reported that it had recorded new contracts worth Rp 24.4 trillion (approximately $1.5 billion) so far this year as of October.

This is equivalent to about 76.31 percent of what the company is aiming to record throughout 2024.

From a value standpoint, about 41.24 percent of the contracts were projects that would be funded by government money. Some 30.76 percent came from fellow state-owned enterprises, while the private sector would fund 28 percent of contracts.

About 34.87 percent of the new contracts were for the construction of roads and bridges. Some 30.09 percent of others were related to buildings, and 18.36 percent were mining-related contracts. PTPP reported that 10.28 percent were industrial contracts. Ports made up 4.52 percent of the contract value, while that of airports stood at 1.06 percent. Other projects including dams, oil and gas, irrigation, and power plants represented 0.83 percent of the contract value.

The projects include the Jogja - Bawen Toll Road Section II with a contract value of Rp 1.53 trillion and the Petrokimia Gresik jetty project worth Rp 761.5 billion. PTPP has also secured a Rp 325.08 billion contract to work on 4 residential towers in the new capital Nusantara.

Q3 Financial Performance

As of September, PTPP's revenue amounted to Rp 14 trillion. Its net profit also stood at Rp 267.28 billion. These figures showed a 14.54 percent year-on-year (yoy) increase in revenue compared to the same period in the previous year. The company's net profit also rose 11.49 percent yoy.

PTPP said that its joint venture profit had reached Rp 799.3 billion, up by Rp 482 billion or a 152 percent yoy rise.

According to PTPP's Corporate Secretary Joko Raharjo, the Q3-2024 figures reflected the company's commitment to maintain a positive performance.

"With this achievement, the company [PTPP] will continue to strive to improve its performance in order to achieve marketing targets and other targets by the end of 2024," Joko was quoted as saying in a recent press statement.

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