The performance prospects for private construction issuers in the second semester of 2023 are still positive, although the performance of issuers will still vary in the first semester.
Several private construction companies in the first semester recorded mixed performances. For example, PT Acset Indonusa Tbk (ACST) recorded revenue of IDR 831.29 billion in the first semester, up 38.8% from the first semester of 2022 which amounted to IDR 508.7 billion. However, ACST also recorded a loss for the current period of IDR 56.04 billion, down 52.21% from a loss in the first semester of 2022 which amounted to IDR 117.27 billion.
PT Total Bangun Persada Tbk (TOTL) recorded revenue of IDR 1.2 trillion in the first half of 2023, up from the same period last year of IDR 1.1 trillion. TOTL also recorded an attributable profit for the period of IDR 67.6 billion, an increase from the first semester of 2022 which amounted to IDR 44.2 billion.
PT Nusa Raya Cipta Tbk (NRCA) recorded revenue of Rp 1.2 trillion, an increase from the first semester of 2022 of Rp 1.1 trillion. NRCA also recorded an attributable profit for the period of IDR 53.3 billion, an increase from the same period last year of IDR 43.8 billion.
Capital Market Observer Teguh Hidayat said the three companies were private construction companies with different types of projects. NRCA and TOTL usually work on construction projects for office buildings, apartments, schools and malls. Meanwhile, ACST usually builds infrastructure projects, whether they are contractors or subcontractors for government projects.
“There is not necessarily a relationship between the BUMN Karya riot and ACST’s losses. However, there are many stories about BUMN Karya not paying subcontractors,” Teguh told Kontan.co.id, Tuesday (8/8).
Teguh emphasized that this matter still needs to be re-checked. This is because ACST’s loss could also occur because the issuer still has ongoing projects.
“Infrastructure projects take a long time to build, it can take years to complete. It’s different from building a building where the construction is faster,” he said.
THE NAIS IS OFFICIAL EDITOR ON NAIS NEWS