Jakarta. State-owned construction and investment company PTPP has secured new contracts worth Rp 8.9 trillion ($547 million) until May this year, a 31.35 percent increase from the Rp 5.7 trillion contracts earned in the same period last year.

Government-funded projects account for 53.02 percent of the overall new contracts, while fellow state-owned enterprises contributed 32.49 percent, and the private sector shared 14.49 percent.

Road and bridge projects represent the largest share at 55.06 percent, followed by buildings (39.3 percent), ports (3.84 percent), industry (1.09 percent), oil and gas projects (0.53 percent), and power plants (0.18 percent).

In May alone, PTPP was awarded several significant projects: constructing roads in the west residential area of the future national capital Nusantara worth Rp 732 billion, a port site accommodation complex project from Freeport worth Rp 326 billion, and other projects won by PTPP’s subsidiaries totaling Rp 1.36 trillion.

Nusantara Projects
PTPP is committed to supporting infrastructure development in Nusantara. It has completed several key projects in the inner area of Nusantara, including a logistical port and a main road at the future capital.

The construction of the State Palace and the adjacent square in the presidential area has reached 69.4 percent completion, which is 1.3 percentage points above the projected progress. The progress in constructing the presidential office building has reached 89.9 percent.

“The new contracts we secured until May boost our confidence in achieving our 2024 business targets. PTPP is committed to supporting the government in completing national strategic projects, especially those expected to come into operation later this year,” PTPP’s Vice President Corporate Secretary Bakhtiyar Efendi said in a statement.

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