MEDIA


Date: Thursday, 24 February 2022

Jakarta, 24 February 2022— PT Acset Indonusa Tbk (ACSET) posted revenue of IDR1.495trillion in 2021 or an increase of 24.1% compared to the previous year's revenue of IDR1.204trillion. ACSET's commitment to maintaining consistent continuous improvement is reflected in a decrease in gross loss, operating expenses (opex) and financial costs. Improvements in working capital management as well as shareholder support in an effort to strengthen the capital structure can be seen from the achievement of a reduction in financial costs to IDR79 billion or a decrease of 72% from IDR285billion in the same period in 2020. For 2 consecutive years, the Company managed to record positive operating cash flows which also affected the cash and cash equivalents position in 2021 which increased by 543% compared to the period in 2020.


To this period, ACSET recorded the acquisition of new contracts of IDR431billion consisting of foundation, infrastructure and structure projects. Some of them are foundation work at the Shore Protection of PLTU Batang and foundation work for BUMN Center, where all foundation projects are carried out by ACSET's subsidiary, PT Acset Pondasi Indonusa. In the infrastructure sector, ACSET is assigned to carry out the construction of PLTM Besai Kemu and the BIJB Kertajati Underpass. Meanwhile, in the structure sector, ACSET obtained a new contract for the Cleon Park Garden City Apartment project. The acquisition of these new projects is an additional driver for the recovery of ACSET's performance and financial condition.


In terms of revenue per business line, this period's revenue is dominated by the infrastructure sector at 43.1%, building structure at 46.6%, foundation at 6.1% and other sectors at 4.2%. Other sectors describe trading activities and rental services carried out by subsidiaries.                                                                 

Main financial indicators (in million Rupiah)

Description

                  Period ended on 31 December

                 2021

                2020

Revenue

             1.494.671 

            1.204.429

Operating Loss

              (614.272) 

           (1.082.033)

Loss before Income Tax

              (698.951) 

           (1.342.279)

Net Loss Attributed to Owners of the Parent

              (695.549)

           (1,323,209)

Loss Per Share (full amount)

                      (82)

                     (558)

 

On August 2021, the Company also carried out the Non-Pre-Emptive Rights Capital Increase (NPR Capital Increase) of IDR1.5trillion, where the funds were utilized to pay off shareholder loans and strengthen the capital structure. With strong support from shareholders, ACSET is optimistic that it can escalate new contracts acquisition in the future.

 

Amidst the challenging circumstances due to the pandemic, operational excellence with financial discipline remains being ACSET's big agenda for this year. The review of business processes is carried out intensively in order to provide services at a more efficient cost to the customers. This is also supported by digitization steps which are projected to create a more reliable workflow for operational activities. ACSET also continues to take strategic steps that are considered capable of supporting the growth of the Company to provide the best for all existing stakeholders