The state-owned construction company also recorded sales, excluding joint operation projects, worth Rp31.16 trillion, or an increase of 19.03 percent, from Rp26.18 trillion in the previous year.
"The largest sales contribution was from the infrastructure and building sectors followed respectively by energy and industrial plants, industry, and properties," WIKA President Director Tumiyana noted in a statement here, Thursday.
The net profit and sale hikes were supported by the application of technology and innovation, leading to efficiency of several projects. The company applied the BIM technology and WEB cyclone simulation innovation on the New Development of Oecusse Airport Project.
Its Net Profit Margin in 2018 had jumped 6.65 percent as compared to 5.18 percent in 2017.
The positive chart was strengthened by positive operational cash flow amounting to Rp2.72 trillion.
"This achievement has made WIKA more confident to materialize its target for 2019," he noted.
During 2018, WIKA's assets also grew significantly at 29.65 percent, to Rp59.23 trillion, compared to Rp45.68 trillion in 2017.
"The performance of WIKA during 2018 showed that we were on the right track to yielding efficiency and have the potential to keep on growing financially as well as in portfolio projects. WIKA has been trusted to handle various strategic projects, so WIKA's space to grow has expanded vastly," he emphasized.
As for its financial ratio, the gross gearing ratio was at a low level of only 0.79 times, with its debt covenant at 2.5 times. It shows that the company has cash equaling Rp13.97 trillion, higher than its interest bearing debt at Rp13.59 trillion.
WIKA also gained new portfolio contracts in road infrastructure as well as building and port constructions, such as the Pekanbaru-Padang toll road project worth Rp8.68 trillion, Senegal mixed used building worth Rp3.50 trillion, Kijing station construction worth Rp2.49 trillion, and construction of the Sultan Hasanuddin Airport's apron worth Rp2.42 trillion.
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