November 19, 2025 | 10:02 am
TEMPO.CO, Jakarta - Two years into operation, the Jakarta-Bandung high-speed rail project—marketed as Whoosh and hailed as a breakthrough in public transportation under President Joko Widodo—has instead remained a persistent drag on the financial performance of its shareholders. Wijaya Karya (IDX: WIKA) is a case in point. Far from gaining a financial lift, the state-owned construction giant has taken a beating as it shoulders a double burden.
As the holder of a 33.36 percent stake in the Indonesian consortium, WIKA automatically absorbs losses whenever Kereta Cepat Indonesia China (KCIC) posts red ink. That burden routinely appears in its financial statements. “At every year-end or every three months, we book losses as a result of the high-speed rail,” WIKA Chief Executive Officer (CEO) Agung Budi Waskito said during a public presentation on Wednesday, November 12, 2025.
Agung explained that the pressure comes from more than one source. Beyond serving as an investor, WIKA also acted as a local contractor in building the 350-kilometer-per-hour rail infrastructure. Those dual roles left the company with two consequences: equity participation that has yet to yield any return, and construction work that remains only partially paid.
Through Pilar Sinergi BUMN Indonesia (PSBI), WIKA injected Rp6.1 trillion (around US$365 million), the second-largest contribution after Kereta Api Indonesia (KAI). PSBI’s current shareholder structure consists of KAI with 58.53 percent, WIKA with 33.36 percent, Jasa Marga with 7.08 percent, and Perkebunan Nusantara I with 1.03 percent. Before state funds flowed in through KAI following Presidential Regulation No. 93/2021, WIKA led the consortium.
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