WIKA Reports Rp 1.6 Trillion Loss from Whoosh Project

As predicted by many parties for a long time, the Jakarta-Bandung High-Speed Rail (KCJB) project, or Whoosh, is now facing a heavy debt burden for those who must bear it. The principal and interest repayments to the Chinese side, combined with high operational costs, have led the KCJB operator, PT Kereta Cepat Indonesia China (KCIC), to record losses reaching trillions of rupiah. The impact of these losses is not only felt by KCIC. Four state-owned enterprises (BUMNs) grouped in the PT Pilar Sinergi BUMN Indonesia (PSBI) consortium also share the loss impact. PSBI itself is known as the majority shareholder in KCIC. The composition of PSBI shareholders consists of PT Kereta Api Indonesia (Persero), PT Wijaya Karya (Persero) Tbk, PT Jasa Marga (Persero) Tbk, and PTPN. Although PT KCIC has never publicly released its financial reports, the company’s financial condition, which has recorded very large losses, can be seen from the financial reports of the BUMNs in the PT PSBI consortium, one of which is PT Wijaya Karya (Persero) Tbk or WIKA. One of the major contributors to WIKA’s losses is its involvement in the Whoosh shareholder consortium. In PT PSBI, WIKA holds 33.36% of the shares. WIKA itself is one of the BUMNs assigned as a shareholder of PT KCIC, while also participating in working on the Jakarta-Bandung High-Speed Rail project during the era of State-Owned Enterprises Minister Rini Soemarno. Quoted from WIKA’s 2025 financial report, WIKA recorded a loss contribution of Rp 1.66 trillion in line with its share ownership in PT PSBI. Meanwhile, in 2024, the portion of losses that WIKA had to bear in PT PSBI reached Rp 1.57 trillion. KAI holds the largest share portion in PSBI, namely 58.53%, in accordance with the assignment given during the administration of President Joko Widodo. Besides KAI, the other PSBI shareholders are WIKA with 33.36% ownership, Jasa Marga at 7.08%, and PTPN VIII at 1.03%. With the largest share portion, KAI automatically bears the largest losses in PSBI. In the first semester of 2025, KAI had to bear a loss of around Rp 951.48 billion. Meanwhile, for the full year of 2024, when PSBI recorded a loss of Rp 4.19 trillion, KAI shared the burden up to Rp 2.24 trillion.