2024 was a challenging year for the global economy, influenced by geopolitical tensions, tight monetary policies in developed countries, and commodity price fluctuations that disrupted supply chains. The International Monetary Fund (IMF) projects global economic growth at 3.3%, lower than the historical average. The United States showed stronger economic resilience, but slowdowns in China and Europe affected global trade dynamics.
In Indonesia, the economy showed resilience with GDP growth reaching 5.05% in 2024, supported by strong domestic consumption, investment, and government infrastructure spending. The construction sector, as one of the main drivers of economic growth, continues to show positive trends, especially in infrastructure projects that support national connectivity and economic development.
In this context, WIKA Beton has successfully positioned itself as a key player in supporting national infrastructure development. The company's ability to adapt to market dynamics and maintain operational excellence has enabled it to take advantage of opportunities in the growing construction sector.
Investor Relations
Report of the Board of Directors
PT Wijaya Karya Beton Tbk achieved solid performance in 2024, with significant growth in net profit and revenue. WIKA Beton met most of its new contract targets, particularly in the infrastructure sector. Amid external challenges, WIKA Beton implemented strategic transformations by launching a new logo and the motto 'Solution and Trust,' focusing on cash acceleration, operational excellence, and commercial resilience. Digitalization and technological innovation were also key priorities.
Dear Shareholders and Stakeholders,
Gratitude for the blessings and grace of God Almighty, the Board of Directors of PT Wijaya Karya Beton Tbk proudly presents the 2024 Annual Report to our esteemed shareholders and stakeholders. 2024 stands as a key milestone in the company's journey, where we successfully navigated both global and national challenges through targeted strategic initiatives, continuous innovation, and a strong commitment to corporate governance.
Throughout this year, we have continued to pursue the company's mission to become a global leader in the precast concrete industry by applying modern technology, careful risk management, and continuous transformation. This success has been achieved through the synergistic collaboration of all stakeholders, including management, employees, business partners, and the consistent support of shareholders. As part of our efforts to strengthen the company's position in the market, we have focused on customer diversification, improving operational efficiency, and product innovation aligned with sustainability principles.
In 2024, PT Wijaya Karya Beton Tbk achieved significant growth in financial performance, operations, and social responsibility. This success reflects not only the Company's resilience amid the dynamics of the construction industry but also our ability to create added value for all stakeholders.
Throughout this year, we have continued to pursue the company's mission to become a global leader in the precast concrete industry by applying modern technology, careful risk management, and continuous transformation. This success has been achieved through the synergistic collaboration of all stakeholders, including management, employees, business partners, and the consistent support of shareholders. As part of our efforts to strengthen the company's position in the market, we have focused on customer diversification, improving operational efficiency, and product innovation aligned with sustainability principles.
In 2024, PT Wijaya Karya Beton Tbk achieved significant growth in financial performance, operations, and social responsibility. This success reflects not only the Company's resilience amid the dynamics of the construction industry but also our ability to create added value for all stakeholders.
2024 Macroeconomic Overview
Company Performance in 2024
In 2024, PT Wijaya Karya Beton Tbk demonstrated strong performance across various business dimensions. The company achieved significant growth in revenue and net profit, reflecting the success of strategic initiatives implemented throughout the year.
Key achievements include:
- Successful achievement of new contract targets, particularly in the infrastructure sector
- Implementation of strategic transformations including new logo and motto 'Solution and Trust'
- Focus on cash acceleration and operational excellence
- Enhanced commercial resilience
- Digitalization and technological innovation initiatives
These achievements reflect the company's commitment to sustainable growth and value creation for all stakeholders.
Key achievements include:
- Successful achievement of new contract targets, particularly in the infrastructure sector
- Implementation of strategic transformations including new logo and motto 'Solution and Trust'
- Focus on cash acceleration and operational excellence
- Enhanced commercial resilience
- Digitalization and technological innovation initiatives
These achievements reflect the company's commitment to sustainable growth and value creation for all stakeholders.
Good Corporate Governance
Good Corporate Governance (GCG) is a fundamental pillar of WIKA Beton's business operations. Throughout 2024, the company has consistently implemented GCG principles to ensure transparency, accountability, and sustainable business practices.
The Board of Directors' performance evaluation also considers their contributions to optimizing operational efficiency through technological innovation, strengthening sustainability with a net-zero emission target by 2030, and rising market penetration on private sector expansion and strategic national projects.
In addition to transparency and accountability, risk mitigation is a key element of WIKA Beton's governance to ensure sustainable business continuity. On June 27, 2024, WIKA Beton officially established the Risk Monitoring and Integrated Governance Committee, following the Board of Commissioners' Decree No. SK.06/DK-WB/VI/2024. The committee's goal is to ensure better risk mitigation and more effective governance implementation across its business units.
The implementation of the Anti-Bribery Management System (SMAP) based on ISO 37001:2016 is one of the ways WIKA Beton shows its commitment to maintaining clean governance. This policy includes the "5 No's" principle are:
1. No Bribery (Bribery, kickbacks, and extortion are prohibited);
2. No Kickback (Commissions, thank-you money, and sharing of funds are not allowed);
3. No Gift (Unreasonable gifts are not permitted);
4. No Luxurious Hospitality (Excessive hospitality or banquets are prohibited); and
5. No Conflict of Interest (Personal interests must not interfere with professional duties).
Support for transparency is strengthened through the Whistleblowing System (WBS), which allows the reporting of violations while ensuring the confidentiality of the identity. This complaint channel is accessible to the public and employees via mail, email, the website, or the internal "Workin'" application.
To ensure operational efficiency and integrity, WIKA Beton has integrated an audit system into its digital platform. This process includes planning, execution, reporting, and evaluation of audits following international standards such as ISO 9001, ISO 14001, and ISO 45001. This approach not only improves efficiency but also allows the company to maintain quality transparently and measurably.
In risk management field, WIKA Beton has developed a Risk Management System based on SNI 8615:2018, which is applied across all business operations. This approach involves identifying risks based on risk appetite and profile to ensure each project and operational activity aligns with the company's strategic goals. As a mitigation measure, the Company applies the Four Eyes Principle (FEP), which ensures strict selection of projects, accepting only viable projects even if it reduces potential revenue.
WIKA Beton pays particular emphasis on human capital development as an integral part of governance. Programs for enhancing employee skills and well-being are designed to ensure alignment between its vision and individual contributions. The company fosters an inclusive and competitive work environment by integrating the values of innovation, integrity, and excellence. This approach creates the foundation for addressing future challenges and ensuring sustainability.
Information technology plays a crucial role in supporting WIKA Beton's governance in 2024. We have implemented several initiatives, including core systems integration through ERP, supporting SAP applications development, and machine learning usage for predictive analytics. These technologies not only improve operational efficiency but also support data-driven decision-making. IT governance follows the COBIT 2019 framework and ISO 27001:2013 standards, ensuring data protection and information system security. Regular IT audits ensure effectiveness and compliance with regulations.
WIKA Beton is also committed to sustainability by applying ESG (Environmental, Social, Governance) principles. This includes developing eco-friendly products, empowering communities with social responsibility programs, and human capital training. The company has received several ESG awards, reflecting its dedication to sustainable business practices. These sustainability initiatives align with its mission to balance profitability, community empowerment, and environmental responsibility.
The success of the company's governance is reflected in the GCG assessment score of 92,37 in 2024, which falls under the "Very Good" category. This achievement not only indicates consistent GCG implementation since 2017 but also is a solid foundation for business sustainability. A holistic approach that integrates the principles of Profit, People, and Planet, WIKA Beton ensures governance practices benefit not only the company but also positively impact society and the environment.
The Board of Directors believes that integrity is an inseparable part of a sustainable business strategy. Therefore, business policies and operations are guided not only by compliance with regulations but also by the application of ethical values in every decision-making process.
The Company views integrity not merely as a legal obligation, but as a fundamental foundation of its business strategy. This value is reflected in the Company's work culture, partnerships, and daily operations. Through the implementation of the code of ethics, internal control systems, whistleblowing mechanisms (WBS), and anticorruption and anti-gratification policies, the Company builds trust and strengthens its positive reputation. Consistent adherence to integrity not only ensures smooth operations but also enhances the Company's long-term competitiveness.
WIKA Beton's commitment to good corporate governance has created a strong foundation for business sustainability, supporting growth and ensuring integrity at all levels of the organization. By prioritizing innovation, effective risk management, and employee empowerment, the company remains a leading player in Indonesia's precast concrete industry.
The Board of Directors' performance evaluation also considers their contributions to optimizing operational efficiency through technological innovation, strengthening sustainability with a net-zero emission target by 2030, and rising market penetration on private sector expansion and strategic national projects.
In addition to transparency and accountability, risk mitigation is a key element of WIKA Beton's governance to ensure sustainable business continuity. On June 27, 2024, WIKA Beton officially established the Risk Monitoring and Integrated Governance Committee, following the Board of Commissioners' Decree No. SK.06/DK-WB/VI/2024. The committee's goal is to ensure better risk mitigation and more effective governance implementation across its business units.
The implementation of the Anti-Bribery Management System (SMAP) based on ISO 37001:2016 is one of the ways WIKA Beton shows its commitment to maintaining clean governance. This policy includes the "5 No's" principle are:
1. No Bribery (Bribery, kickbacks, and extortion are prohibited);
2. No Kickback (Commissions, thank-you money, and sharing of funds are not allowed);
3. No Gift (Unreasonable gifts are not permitted);
4. No Luxurious Hospitality (Excessive hospitality or banquets are prohibited); and
5. No Conflict of Interest (Personal interests must not interfere with professional duties).
Support for transparency is strengthened through the Whistleblowing System (WBS), which allows the reporting of violations while ensuring the confidentiality of the identity. This complaint channel is accessible to the public and employees via mail, email, the website, or the internal "Workin'" application.
To ensure operational efficiency and integrity, WIKA Beton has integrated an audit system into its digital platform. This process includes planning, execution, reporting, and evaluation of audits following international standards such as ISO 9001, ISO 14001, and ISO 45001. This approach not only improves efficiency but also allows the company to maintain quality transparently and measurably.
In risk management field, WIKA Beton has developed a Risk Management System based on SNI 8615:2018, which is applied across all business operations. This approach involves identifying risks based on risk appetite and profile to ensure each project and operational activity aligns with the company's strategic goals. As a mitigation measure, the Company applies the Four Eyes Principle (FEP), which ensures strict selection of projects, accepting only viable projects even if it reduces potential revenue.
WIKA Beton pays particular emphasis on human capital development as an integral part of governance. Programs for enhancing employee skills and well-being are designed to ensure alignment between its vision and individual contributions. The company fosters an inclusive and competitive work environment by integrating the values of innovation, integrity, and excellence. This approach creates the foundation for addressing future challenges and ensuring sustainability.
Information technology plays a crucial role in supporting WIKA Beton's governance in 2024. We have implemented several initiatives, including core systems integration through ERP, supporting SAP applications development, and machine learning usage for predictive analytics. These technologies not only improve operational efficiency but also support data-driven decision-making. IT governance follows the COBIT 2019 framework and ISO 27001:2013 standards, ensuring data protection and information system security. Regular IT audits ensure effectiveness and compliance with regulations.
WIKA Beton is also committed to sustainability by applying ESG (Environmental, Social, Governance) principles. This includes developing eco-friendly products, empowering communities with social responsibility programs, and human capital training. The company has received several ESG awards, reflecting its dedication to sustainable business practices. These sustainability initiatives align with its mission to balance profitability, community empowerment, and environmental responsibility.
The success of the company's governance is reflected in the GCG assessment score of 92,37 in 2024, which falls under the "Very Good" category. This achievement not only indicates consistent GCG implementation since 2017 but also is a solid foundation for business sustainability. A holistic approach that integrates the principles of Profit, People, and Planet, WIKA Beton ensures governance practices benefit not only the company but also positively impact society and the environment.
The Board of Directors believes that integrity is an inseparable part of a sustainable business strategy. Therefore, business policies and operations are guided not only by compliance with regulations but also by the application of ethical values in every decision-making process.
The Company views integrity not merely as a legal obligation, but as a fundamental foundation of its business strategy. This value is reflected in the Company's work culture, partnerships, and daily operations. Through the implementation of the code of ethics, internal control systems, whistleblowing mechanisms (WBS), and anticorruption and anti-gratification policies, the Company builds trust and strengthens its positive reputation. Consistent adherence to integrity not only ensures smooth operations but also enhances the Company's long-term competitiveness.
WIKA Beton's commitment to good corporate governance has created a strong foundation for business sustainability, supporting growth and ensuring integrity at all levels of the organization. By prioritizing innovation, effective risk management, and employee empowerment, the company remains a leading player in Indonesia's precast concrete industry.
Changes In The Composition Of The Board Of Directors And The Reasons For The Changes
Based on the decision from the Annual General Meeting of Shareholders for the 2023 fiscal year, Deed No. 43 dated May 17, 2024, it was resolved to respectfully dismiss Mr. Taufik Dwi Wibowo and appoint Mr. Agus Pramono as Director of Operations and Supply Chain Management. Additionally, respectfully dismiss Mr. Ahmad Fadli Kartajaya and appoint Mr. Syailendra Ogan as Director of Finance, Human Capital, and Risk Management.
Before Changes
| Name | Position |
|---|---|
| Kuntjara | President Director |
| Ahmad Fadli Kartajaya | Director of Finance, Human Capital, and Risk Management |
| Taufik Dwi Wibowo | Director of Operations and Supply Chain Management: |
| Rija Judaswara | Director of Marketing and Development |
| Verly Widiantoro | Director of Engineering and Production |
After Changes
| Name | Position |
|---|---|
| Kuntjara | President Director |
| Syailendra Ogan | Director of Finance, Human Capital, and Risk Management |
| Agus Pramono | Director of Operations and Supply Chain Management: |
| Rija Judaswara | Director of Marketing and Development |
| Verly Widiantoro | Director of Engineering and Production |
Appreciation And Closing
The Board of Directors of PT Wijaya Karya Beton Tbk expresses its highest appreciation to the shareholders, Board of Commissioners, WIKA Beton employees, business partners, and all stakeholders for their support, trust, and collaboration throughout 2024. We are also grateful to all employees for their dedication, innovative spirit, and hard work in overcoming challenges and achieving the company's success.
As the market leader and the largest player in Indonesia's precast concrete industry, WIKA Beton continues to demonstrate strong performance. Since our IPO in 2014, we have consistently distributed dividends to our shareholders every year, reflecting the company's commitment to delivering sustainable value. This key foundation enables us to keep moving forward, and we are confident that WIKA Beton will continue to be managed for sustainable business growth.
The achievements made this year would not have been possible without the support of all elements within the company, working together to fulfill our vision and mission. We recognize that this success is a strong synergy between visionary leadership, careful risk management, and strategies implementation that adapt to change. We look forward to the future as a new opportunity to move further, drive innovation, and strengthen PT Wijaya Karya Beton Tbk's position as a leader in the precast concrete industry.
As the market leader and the largest player in Indonesia's precast concrete industry, WIKA Beton continues to demonstrate strong performance. Since our IPO in 2014, we have consistently distributed dividends to our shareholders every year, reflecting the company's commitment to delivering sustainable value. This key foundation enables us to keep moving forward, and we are confident that WIKA Beton will continue to be managed for sustainable business growth.
The achievements made this year would not have been possible without the support of all elements within the company, working together to fulfill our vision and mission. We recognize that this success is a strong synergy between visionary leadership, careful risk management, and strategies implementation that adapt to change. We look forward to the future as a new opportunity to move further, drive innovation, and strengthen PT Wijaya Karya Beton Tbk's position as a leader in the precast concrete industry.
Board of Directors,
Kuntjara
President Director