MEDIA


Date: Wednesday, 26 February 2020

Jakarta, 26 February 2020— PT Acset Indonusa Tbk (ACSET) concluded year 2019 with 5.96% revenue increase from IDR3.72trillion to IDR3.95trillion. Another milestone achieved this semester was the inauguration of Jakarta-Cikampek II Elevated Toll-Road (Japek II) by President of the Republic of Indonesia Joko Widodo on December 12, 2019. Japek II Toll-Road was constructed under a Joint Operation (JO) scheme with Waskita Karya and remarked as the longest elevated toll road in Indonesia today. This inauguration demonstrates ACSET’s concrete contribution in Indonesia’s infrastructure development. Moreover, the Company is also striving to realize continuous improvement in project and financial management aspects to book better results for all of its stakeholders’ interest.

Based on the revenue, by segment, infrastructure sector contributed 66%, construction 21%, foundation 10% and others 3%. By the end of 2019, ACSET booked a net loss amounting to IDR1.14trillion. This was an extension of impact of the Contractor Pre-Financing (CPF) and structure projects delay that have already occurred since the previous period. Furthermore, project delays resulted in an increase in financing, overhead and other expenses that were allocated to accelerate the projects’ completion. Additionally, ACSET also experienced adjustment in project final account value that resulted in the decline of ongoing projects’ revenue and net income.

 

                                               Main Financial Indicator (in billion Rupiah)

                       Description

              Period Ends on 31st December

                       2019

                    2018

 Revenue

                       3,947

                   3,725

 Operating Income

                       (430)

                   497.8

 Net Income

                      (1,136)

                   18.3

 Price-Earnings Ratio (full amount)

                      (1,623)

                    26

 

New contract bookings in 2019 were amounted to IDR1.7tn. Some strategic projects that were expected to deliver added-value for the Company included, among others, Civil Works for Java 1 Combined-Cycle Power Plant, Soma Karimun Coal-Fired Power Plant (2 x 25MW) in Riau, and Arumaya Residence. Currently, ACSET is still working on a number of projects with a total contract value of IDR4.1trillion, consisting of 2018 carry over orders and 2019 new contracts.

In 2019, ACSET applied Know Your Counterparts (KYC) principle in selecting projects that the Company targeted. This principle made it possible for ACSET to become more selective and always considered its competence and capabilities before opting in which projects that the Company is going to participate in. Year 2019 was also affected by the dynamics of Indonesian 2019-2024 presidential election, which relatively has influenced the tender process causing a number of tenders being postponed to 2020.

In 2020, ACSET will continue to acquire new contract bookings that go in line with its competence and capabilities. This optimism is based on the Company’s continuous improvements that are currently ongoing, in terms of its financial management, operational quality and internal human resources development. These strategies are topped with ACSET’s diversification of revenue segment to pursue opportunities in new specialized works, such as soil improvement and marine works. ACSET in 2020 will still focus on strategic infrastructure projects, namely construction of landed and elevated toll roads, power plants and seaports. Other than this, ACSET constantly empowers its expertise in the foundation and structure sectors, targeting potential projects that are able to provide bigger room for improvement in regards to the Company’s competence and contribution for its stakeholders.