PEFINDO Affirms idA Rating for WIKA

Jun 20, 2022 12:00 JST

Source: PT Wijaya Karya (Persero) Tbk.

JAKARTA, Jun 20, 2022 - (ACN Newswire) - PT Pemeringkat Efek Indonesia (Pefindo) affirms PT Wijaya Karya (Persero) Tbk (IDX: WIKA or Company) rating at idA with 'stable' outlook. Pefindo also affirms WIKA's Shelf Registration Bonds I Year 2020 and Shelf Registration Bonds II Year 2021 at idA, and Shelf Registration Sukuk Mudharabah I Year 2020 and Shelf Registration Sukuk Mudharabah II Year 2021 at idA(sy).

The Company's rating reflects Pefindo's optimism in its performance as a strong, national construction company supported by robust financial flexibility and diversified revenue sources. One of the reasons of the affirmation was an increase in new contracts by 57.54% YoY to Rp12.4 trillion (at time of writing) from Rp7.9 trillion.

The rating by Pefindo was well-received by the Company's President Director, Agung Budi Waskito (Agung BW). He stated that the Company was able to cement its strong position due to WIKA's assignment to work on the Government's G20 preparation projects, such as Revitalisation of Halim Perdana Kusuma Airport, Construction of VVIP Terminal of I Gusti Ngurah Rai Airport, and Improvement and Construction of Roads and Bridges in Labuan Bajo.

"The assignment indicated the government's trust in WIKA's capability to carry out projects serving as supporting facilities for international events", said Agung BW.

He added that the Company is prepared to take part in the upcoming construction of the new Capital City.

Follow-up Construction in Labuan Bajo to Celebrate TWG20

The Company plays a role in the Improvement and Construction of Roads and Bridges in Labuan Bajo, Nusa Tenggara Timur to support the G20's Tourism Working Group (TWG) meeting. The project also helped to realise the Super-Priority Tourism Destinations project (Destinasi Pariwisata Super Prioritas, "DPSP"). In the project, the Company is building roads and bridges spanning from Labuan Bajo - Sp. Nalis - Sp. Kenari, Sp.Kenari - Tana Mori with a total length of 25 kilometres.

This project is a follow-up of the Company's earlier projects in Labuan Bajo. Its portfolio in Labuan Bajo includes the Operations Supporting Facilities and the Wae Kelambu Multipurpose Terminal at Labuan Bajo Port for PT Pelabuhan Indonesia (Persero). Completed in 2021, the port serves as a logistics hub, tourism support, and cargo and container handling in Labuan Bajo. In addition, the Company's subsidiary, WIKA Gedung oversaw development of Pantai Bukit Marina and Bukit Pramuka, part of the National Strategic Tourist Areas.

In carrying out the projects, the Company always used high quality domestic products increase operations efficiency and support national economic growth.

PT WIJAYA KARYA (Persero) Tbk. [IDX: WIKA]

Contact:
Mahendra Vijaya
Sekretaris Perusahaan
Email: mahendra.v@wikamail.id
Website: https://www.wika.co.id/

Source: PT Wijaya Karya (Persero) Tbk.
Sectors: Daily Finance, Local Biz