Analysis of IMBT Financing for the Purchase of Fixed Assets in PT Wijaya Karya Beton Tbk

Abstract

PT Wijaya Karya Beton Tbk (Wika Beton) has a vision of "Becoming a Leading Company in the Field of Engineering, Production, Installation (EPI) of the Concrete Industry in Southeast Asia". To support this vision, Wika Beton prepared the Company's Long-Term Plan for 2023-2027. In the long-term plan, investment programs and company capital expenditure plans aim to support business development and company profit growth. Wika Beton has three debt-based financing alternatives that can finance capital expenditure plans: investment loans, bonds and ijarah muntahiya bi tamlik (IMBT). This research uses a case study method combined with a quantitative method in the form of a scenario analysis by comparing the impact of several financing alternatives (investment loans, bonds, and IMBT) on the company's financial projections for 2023-2027. The purpose of this study is to evaluate various debt-based financing alternatives that companies can use to fund the purchase of the company's new fixed assets in the long-term plan 2023-2027. As a result of this study, IMBT is the most efficient financing and the most positive impact on the company's current ratio and debt-to-equity ratio.