WIKA reports 11.9% sales growth as new contracts rise
The Indonesian company reported higher operating profit and lower debt, while seeking support for restructuring and divestment from its high-speed rail assignment.
PT Wijaya Karya (Persero) Tbk (WIKA) reported sales of Rp15.80 trillion for the third quarter of 2026, an increase of 11.9% year on year. New contracts secured through the quarter reached Rp9.78 trillion, up 57.9% from a year earlier.
The sales figure included Rp9.04 trillion from projects outside joint operations and Rp6.77 trillion from joint-operation projects. WIKA attributed its performance to transformation and recovery measures pursued since 2023, including stricter project selection and contracts requiring advance payments and monthly progress payments.
Gross profit rose 44.4% to Rp1.09 trillion, while the gross profit margin increased to 12.11% from 8.34% a year earlier. Operating profit reached Rp754.33 billion, a gain of 162.1%.
Core operating EBITDA, excluding rail investment holdings, climbed 148.4% to Rp957.84 billion. The company also reported that its operating expense ratio fell to 5.34%. Corporate secretary Ngatemin said on 30 October 2026 that WIKA intended to sustain growth and further strengthen profitability.
Total debt declined by Rp1.42 trillion compared with the same quarter a year earlier, WIKA said. That included reductions of Rp505 billion in interest-bearing debt and Rp914.54 billion in trade payables.
WIKA said it needed support from shareholders, creditors, regulators and the public for comprehensive restructuring, the return of its invested capital and divestment from its high-speed rail assignment. It expects these steps to help reduce interest costs and losses associated with that assignment.
The company said returned capital could also be used to repay banks and holders of its bonds and sukuk. Its debt securities are held by 206 individuals, 88 pension fund institutions and 154 financial institutions.
