DEPOK (eNBe Indonesia) - State construction firm Adhi Karya (ADHI) booked net profit of Rp175 billion in 2022, doubled y/y, thanks to higher share of profit of joint ventures.
Revenue grew 17.4% y/y to Rp13.5 trillion, cost of revenue also rose 20.6% y/y to Rp11.7 trillion.
Operating profit fell 4.6% y/y to Rp1.02 trillion. ADHI is targeting revenue and profit growth of 20% for this year, a conservative target to anticipating rising raw material prices.
ADHI sets capex of Rp1.1 trillion for 2023, used for the construction of the Solo-Yogyakarta-YIA Kulonprogo toll road, the Yogyakarta-Bawen toll road, and the East Karian-Serpong SPAM. It remains having cash of Rp1.98 trillion from rights issue.
ADHI has also obtained loan of Rp420.4 billion from Bank Syariah Indonesia (BRIS), used to fund the Trans-East Sumatra South Sumatra preservation project.***