Top 30 Indonesian Construction Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Waskita Karya Tbk (WSKT).
PT Wijaya Karya Tbk (WIKA).
PT PP (Persero) Tbk PTPP.
PT Adhi Karya (Persero) Tbk ADHI.
PT Nusa Raya Cipta Tbk NRCA.
PT Total Bangun Persada Tbk TOTL.
PT Jaya Konstruksi Manggala Pratama Tbk JKON.
PT Wijaya Karya Beton Tbk WTON (WIKA Beton).
PT Acset Indonusa Tbk ACST.
PT Surya Semesta Internusa Tbk SSIA (construction + property & hotels).
PT Cipta Kridatama / PT (where listed) (contracting/engineering).
PT Pembangunan Perumahan (other subsidiaries) / regional contractors.
PT Ciputra Development Tbk (construction + property).
PT Metropolitan Land Tbk (construction related segments).
PT Surya Semesta / subsidiaries beyond SSIA.
PT Citra Marga Nusaphala Persada (toll / infra developer).
PT Istaka Karya (if publicly listed parts/subsidiaries).
PT Brantas Abipraya (where applicable / state construction players).
PT Modernland, PT Summarecon (project / developer groups with construction divisions).
PT PP Presisi Tbk (PPRE)
PT Bukaka Teknik Utama Tbk (BUKK)
PT Nusa Konstruksi Enjiniring Tbk (DGIK)
PT Indonesia Pondasi Raya Tbk (IDPR)
PT Indonesia Pondasi Raya Tbk (IDPR)
PT Koka Indonesia Tbk (KOKA)
PT Meta Epsi Tbk (MTPS)
PT Mitra Pemuda Tbk (MTRA)
PT Fimperkasa Utama Tbk (FIMP)
PT Cahayasakti Investindo Sukses Tbk (CSIS)
PT Superkrane Mitra Utama Tbk (SMKM) / PT Lancartama Sejati Tbk (TAMA)

Q3/9M-2025 reporting for Indonesias construction sector shows a mixed picture: several large state-owned contractors (Waskita, Wijaya Karya, PTPP, Adhi) reported weaker revenues and in some cases sizeable net losses YoY through September 2025, while some private contractors and mid-caps (e.g., Nusa Raya Cipta, Total Bangun Persada, selected precast firms) posted improved profitability or stable results. The weakness for the large SOE contractors is driven by a slowdown in new contract wins and project execution bottlenecks during the period, while mid-cap contractors benefited from select private and property projects that resumed activity.
2) Q3 2025 earnings call / Q3 (9M) results - Top 10 Indonesian public construction companies
PT Waskita Karya Tbk (WSKT) - Net loss to Sep-2025: IDR -3.174.7 billion (≈ USD -190.2 million).
Waskita's 9M-2025 showed a steep loss driven by plunging construction revenues and high interest expense; the company disclosed a net loss of ~Rp 3.17 trillion as of September 30, 2025. Waskita's interim filing and market coverage provide the details.
PT Wijaya Karya Tbk (WIKA) - Net loss to Sep-2025: IDR -3,210 billion (≈ USD -192.3 million).
WIKA reported a net loss (9M) of ~Rp 3.21 trillion to September 2025, linked to weaker new contract inflows and lower project revenue recognition in the period. Source: WIKA investor releases / market writeups.
PT PP (Persero) Tbk - PTPP - Net (9M-2025): IDR +5.6 billion (≈ USD +0.34 million).
PTPP's interim statement shows a small net positive bottom line (Rp ~5.6 billion) for Q3/9M-2025, a sharp YoY decline from prior year profit levels, reflecting margin pressure and lower topline.
PT Adhi Karya (Persero) Tbk - ADHI - Net (9M-2025): IDR +4.4 billion (≈ USD +0.26 million).
Adhi Karya recorded a very small profit (~Rp 4.4 billion) to September 2025 after revenue fell materially YoY (reported in Adhi's Q3 release). The result highlights margin compression and lower contract activity.
PT Nusa Raya Cipta Tbk - NRCA - Net (9M-2025): IDR +156.3 billion (≈ USD +9.36 million).
NRCA reported improved 9M performance, with net profit ~Rp 156.3 billion and revenue growth driven by project deliveries and private sector contracts. NRCA's Q3-2025 financial statements provide the detail.
PT Total Bangun Persada Tbk - TOTL - Net (9M-2025): IDR +295.3 billion (≈ USD +17.69 million).
TOTL posted stronger 9M revenue and a net profit of ~Rp 295.3 billion to Sep-2025, beating parts of market expectations as property-related projects and cost control helped margins.
PT Jaya Konstruksi Manggala Pratama Tbk JKON Net (9M-2025): IDR +17.9 billion (≈ USD +1.07 million).
Jaya Konstruksi reported a modest profit of Rp 17.9 billion to Sep-2025; revenue and margins were weaker YoY but still positive at the net level for the period.
PT Wijaya Karya Beton Tbk - WTON (WIKA Beton) - Net (9M-2025): IDR +8.4 billion (≈ USD +0.50 million).
WTON (concrete/ precast arm) reported a much smaller profit in Q3-2025 vs prior year, with revenue and asset reductions noted in the interim filing.
PT Acset Indonusa Tbk - ACST - Net (9M-2025): IDR -104.4 billion (≈ USD -6.26 million) loss.
Acset's Q3/9M filing showed a net loss to September 2025 (~Rp 104.4 billion), though improved vs prior-year loss levels; the company cited project timing and margins.
PT Surya Semesta Internusa Tbk - SSIA - Net (9M-2025): IDR +6.5 billion (≈ USD +0.39 million).
SSIA's diversified exposure (construction + hotels + property) meant weaker recurring income in 9M-2025; the company reported a small net profit to Sept-2025.
3) Key trends & insights from Q3 2025
Divergence between large SOE contractors and mid-cap private firms. Major state contractors (Waskita, Wijaya Karya) reported notable net losses or weak profitability due to weaker new contract flows and execution delays; mid-caps with exposure to private property projects (NRCA, TOTL) fared relatively better.
Working-capital and interest expense pressure. Several large contractors showed high interest expense and elevated debt loads that magnified earnings weakness when project revenue slid this is visible in Waskita and other SOE filings.
Project mix matters: contractors with a larger share of private property, corporate, and precast sales saw steadier revenues in 9M-2025, while those dependent on large state projects (which slowed or delayed) saw revenue drop. Examples: NRCA and TOTL (stronger) vs WIKA/WSKT (weaker).
Selective recovery in residential & private commercial projects a modest tailwind for some contractors as private investment picks up in late-2025 in certain regions. Market commentary and company filings noted pockets of contract wins among mid-caps.
4) Outlook for Q4 2025 and beyond
Near term (Q4 2025): Expect continued pressure on margins for large SOEs as they work down slow-moving contracts and manage refinancing; mid-cap contractors could continue to capture private property and commercial work if pipeline conversion stays positive. Market watchers will watch new contract announcements and government capex timetables closely.
Medium term (2026): Recovery for the construction sector will depend on (a) acceleration of public infrastructure spending (state budget / SOE project awards), (b) interest-rate trajectory (affects financing costs), and (c) the private property cycle. Companies with lower leverage and diversified order books are positioned to outperform.
What to watch: new contract backlog announcements (published monthly/quarterly by contractors), Bank Indonesia policy moves (affecting FX / funding costs), and any government package to accelerate infrastructure projects.
5) Conclusion
Q3/9M-2025 showed a split Indonesian construction sector: large state contractors struggled with contract slowdowns and debt/interest burdens that pushed some to net losses, while several mid-cap contractors that executed private projects and controlled costs reported healthier results. For investors and stakeholders, the immediate focus should be on backlog growth, contract awards through Q4-2025, and how companies manage leverage.

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