PT Adhi Karya (Persero) Tbk. (ADHI) recorded a loss attributable to\nthe parent entity\u2019s owners for the full year 2025 that swelled to Rp 5.4\ntrillion, compared to Rp 60.09 billion in 2024.<\/p>\n
This loss entirely stemmed from the booking of non-operational\nexpenses. These non-operational expenses resulted from three\nsimultaneous recovery measures.<\/p>\n
Management assessed that the fair value adjustment of the company\u2019s\nassets aligned with the Danantara BUMN Karya recovery programme. This\nadjustment had a dominant impact on two property subsidiaries, namely\nAdhi Persada Properti and Adhi Commuter Properti.<\/p>\n
Quoting its financial report submitted via disclosures to the\nIndonesia Stock Exchange (BEI), ADHI\u2019s increased losses were due to a\ndecline in operating revenue for 2025 from Rp 13.35 trillion to Rp 9.66\ntrillion.<\/p>\n
The cost of goods sold also decreased from Rp 11.7 trillion to Rp 8.6\ntrillion. As a result, ADHI\u2019s gross profit fell to Rp 1.04 trillion from\nRp 1.62 trillion in 2024.<\/p>\n
After deducting total operating expenses of Rp 870 billion, ADHI\u2019s\noperating profit for 2025 amounted to Rp 17.4 billion.<\/p>\n
The operating expenses comprised sales expenses at ADHI that dropped\nto Rp 10.6 billion, and general and administrative expenses that fell to\nRp 869.3 billion.<\/p>\n
Although ADHI recorded joint venture profits that decreased to Rp\n466.5 billion, there was a loss from associates, reversing from a\nprevious profit of Rp 2.3 billion to a loss of Rp 115.2 billion.<\/p>\n
Subsequently, after deducting financial expenses of Rp 865.3 billion,\nother expenses that swelled to Rp 5.04 trillion, and final tax expenses\nthat decreased to Rp 235.1 billion, the pre-tax loss became Rp 5.6\ntrillion, compared to a previous Rp 34.4 billion.<\/p>\n
ADHI\u2019s total assets for 2025 decreased to Rp 28.7 trillion from Rp\n34.6 trillion in 2024.<\/p>\n
As of 31 December 2025, ADHI recorded new contract acquisitions worth\nRp 18.1 trillion. Based on business lines, the new contract acquisitions\nconsisted of 91% engineering and construction, 5% manufacturing, 3%\nproperty and hospitality, and 1% investment and concessions.<\/p>\n
Based on work types, 43% building works, 15% water resource\ninfrastructure, 14% roads and bridges, and the remainder others.<\/p>\n
Meanwhile, based on funding sources, 69% government, 23% SOEs, and\nthe rest private.<\/p>\n
ADHI\u2019s total production for 2025 was valued at Rp 16.6 trillion,\ndirectly booked as non-JO operating revenue of Rp 9.7 trillion, with the\nremainder reflected in JO profit of Rp 462 billion.<\/p>\n
The largest contribution to ADHI\u2019s operating revenue came from\ninfrastructure projects such as the Yogyakarta-Bawen Toll Road,\nYogyakarta-Solo-Kulon Progo Toll Road, and the PUSRI III-B project.<\/p>\n
Despite recording value adjustments, the company has several\nfoundations for recovery. ADHI still holds receivables from several\nmajor projects, namely LRT Jabodebek and receivables from the Aceh-Sigli\nToll project.<\/p>\n
The realisation of these receivables is expected to directly impact\nthe company\u2019s cash inflows.<\/p>\n
ADHI also has a project pipeline in various infrastructure segments\nand consistently focuses on downstreaming and green construction. The\ncompany serves as the contractor for downstreaming projects including\nPUSRI IIIB, Coal Handling ICB PTBA Development, and PLTMG Tobelo.<\/p>\n
In addition, ADHI is involved in green construction projects, such as\nthe environmental management development of FPLT in the Medan Industrial\nArea, which opens access to infrastructure projects prioritising\nsustainability aspects.<\/p>\n
In 2026, construction market growth is projected to be driven by the\nMinistry of Public Works\u2019 spending and capital expenditure of Danantara\nsubsidiaries. Danantara, as the majority shareholder, continues to\ncoordinate with the company within the framework of BUMN Karya\nrecovery.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/adhi-karya-adhi-losses-swell-to-rp-5-4-trillion-for-the-full-year-2025-1775606609", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }