WIKA and Waskita Book Over Rp 4.7 Trillion in New Contracts
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JAKARTA, investortrust.id — State-owned construction firms PT Wijaya Karya Tbk (WIKA) and PT Waskita Karya Tbk (WSKT) have secured a combined Rp 4.77 trillion ($293 million) in new contracts as of mid-2025. However, WIKA’s shares remain suspended by the Indonesia Stock Exchange (IDX), underscoring ongoing financial scrutiny of the company.
WIKA booked Rp 3.37 trillion ($207 million) in new contracts through May 2025, including a flagship flood control project in Central Java, which the company says demonstrates its commitment to sustainable infrastructure. Waskita, meanwhile, secured Rp 1.4 trillion ($86 million) in new contracts through June, primarily in hospital and government building construction across Kalimantan and Yogyakarta.
PT Wijaya Karya (Persero) Tbk, or WIKA, continues to operate under the shadow of a trading suspension imposed by the IDX since February 18, 2025. Despite this, President Director Agung Budi Waskito emphasized the firm’s progress in key projects, especially those with significant public benefit.
One such contract is the Phase I Package I Tenggang-Sringin Flood Control System in Semarang, a high-priority government initiative aimed at reducing flood-prone areas by 2,500 hectares. Scheduled for completion by 2027, the project involves the construction of two pumping stations: an existing facility with six pumps of 2,000 liters per second, and a new station with four high-capacity pumps of 10,000 liters per second, plus three additional units at 1,000 liters per second.
WIKA is deploying axial line shaft pump technology for the project, which places the engine and motor above flood-prone zones. This innovation aims to extend equipment life, simplify maintenance, and lower long-term costs.
“This project is a tangible example of WIKA’s contribution to climate resilience. As urbanization and extreme weather continue to pose risks, flood infrastructure is an essential long-term investment,” Agung said in a statement on Thursday, June 19.
Meanwhile, Waskita Karya (WSKT) is also accelerating its contract acquisition, landing 52 active projects nationwide as of June. These include connectivity and water infrastructure initiatives like the Velodrome–Manggarai LRT line, the Palembang–Betung Toll Road, and the Jragung Dam.
Finance Director Wiwi Suprihatno noted that Waskita is now applying stricter risk assessment protocols before taking on new work. "We focus on projects that offer monthly payment schemes and upfront capital to avoid undue financial pressure," he said.
Waskita recently added a new contract in Indonesia’s new capital, Nusantara. The Rp 396.6 billion ($24.3 million) project will upgrade roads in the Central Government Core Area (KIPP) 1B–1C of East Kalimantan’s IKN.
Beyond new deals, Waskita is actively implementing restructuring measures. The company has secured creditor approval for a Master Restructuring Agreement and a 2021 Working Capital Loan Guarantee program totaling Rp 31.65 trillion ($1.94 billion). The plan also includes corporate governance reforms and operational transformation.