Publicly listed PT Wijaya Karya (Wika), a state-owned construction and engineering company, projected a 42 percent increase in net sales revenues to Rp 6.1 trillion (US$655 million) this year on the back of booming construction, procurement and engineering work.
The company said after its annual shareholders meeting Thursday it had won new job contracts for the construction of four power plants in S. Kalimantan, West Java, Jakarta and North Sulawesi as well as several building projects.
"These job contracts will secure a steady growth in our sales revenues within five years," Wika's outgoing president director A. Sutjipto told a news conference.
During the shareholders meeting, it was decided Sutjipto, who has presided over Wika since 2002, would be replaced by Bintang Prabowo, currently the financial director of another state-owned construction company, PT PP Perumahan.
Sutjipto said Wika was involved in acquiring majority ownerships at three firms operating in the construction of mining facilities, mechanical and consulting engineering as well as toll road development.
"One of the acquisitions will be of a company that owns a concession to build and operate the Surabaya-Mojokerto tollroad in East Java," Sutjipto said.
Wika, which now has three subsidiaries operating in concrete manufacturing, general contracting and property development, netted last year a profit of almost Rp 130 billion from a total of Rp 4.3 trillion in net sales revenues, which were up 40.51 percent from 2006.