Detail Cantuman

Indonesia in the last nine years has spurred the development of strategic infrastructure in all fields ranging from transportation facilities such as toll roads, Light Rail Transit (LRT), Yogyakarta International Airport, Kertajati Airport, agricultural facilities such as dams, automotive sports facilities such as the formula 1 track in Mandalika, West Nusa Tenggara and finally the construction of the Ibu Kota Nusantara or IKN in East Kalimantan province. These strategic projects are the duties and responsibilities of state-owned construction companies or BUMN such as PT Wijaya Karya Tbk (WIKA), PT Adhi Karya Tbk (ADHI), PT Pembangunan Perumahan Tbk (PTPP) and PT Waskita Karya Tbk (WSKT). These strategic development projects are mostly funded by third-party funds or debt either by issuing bonds or direct loans from abroad. In the opinion of BUMN observer Toto Pranoto, in 2021 the financial condition of several BUMNs is fragile because the projects are financed by debt, as a result,z the issuer bears the interest burden while revenue decreases due to the influence of Covid 19 (Nanda Mulyana, 2021). Based on the records of the investment division of the daily "Kontan", the total liabilities of state-owned enterprises such as PT Waskita Karya Tbk, PT Wijaya Karya Tbk, PT Adhi Karya Tbk, PT PP Tbk reached IDR 214.18 trillion as of the third quarter of 2022. The average construction SOE issuer also has a debt-to-equity ratio (DER) above 300% (Andi, 2023).