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975
DIVERSIFICATION STRATEGY AND BUSINESS PORTFOLIO
DEVELOPMENT IN STATE-OWNED COMPANIES PT. HUTAMA
KARYA
Ahmad Maulana, Rizal Syarif, Asep Taryana
Institut Pertania Bogor University, Indonesia
Email: ahmadmaulana.maul@yahoo.co.id
Abstract
This research aims to analyse the business diversification strategy of PT Hutama Karya (Persero) and its
subsidiaries, explain their business operations, and explore growth potential. This research tries to identify the
company's internal and external environmental factors after business diversification, conduct an analysis of the
corporate position and portfolio of business units and subsidiaries, and formulate a new business diversification
strategy concept. This research method is descriptive qualitative with the data used in the research including
primary data collected through interviews and questionnaires, as well as secondary data such as company
financial reports, industry performance reports, and industry attractiveness. The main supporting factors for this
diversification are the continued economic growth and government support in infrastructure development. The
company's internal strengths are the application of technology and adaptation to changes in the construction
industry, they also face challenges such as cashflow issues, global economic uncertainty, and changes in political
direction. The SWOT analysis shows that the company is in the "Grow and Build" quadrant and needs to pursue
aggressive business diversification. The results of the GE Nine Cell Matrix analysis show a diverse position for
the company's business units, with some as "Leaders" and others needing to be managed carefully or even
divested. The managerial implications of this study are the need for business ecosystem development and
business portfolio diversification, technology development across businesses to support competitive advantage,
and the creation of new opportunities after the completion of the Trans-Sumatra Toll Road project.
Keywords: diversification, swot, ge nine cell matrix, pt. hutama karya
INTRODUCTION
PT. Hutama Karya is a state-owned enterprise engaged in construction that was assigned
by the central government to carry out the construction of the Trans Sumatra Toll Road. The
JTTS development assignment is based on Presidential Regulation No. 100 of 2014 concerning
the Acceleration of Toll Road Development in Sumatra and Presidential Regulation No. 117
of 2015 concerning Amendments to Presidential Regulation No. 100 of 2014. Based on these
regulations, PT. Hutama Karya was appointed for the development of JTTS phase 1 to build
13 toll roads. The construction of JTTS by Hutama Karya uses the PPP scheme. In this context,
PT. Hutama Karya uses a supported toll toad scheme that allows companies to build, operate,
and maintain toll roads for a certain period of time (Satria, Wati, & Oktavia, 2022).
The development of the Trans Sumatra Toll Road (JTTS) by PT Hutama Karya (Persero)
opened a new chapter in the company's business diversification. Prior to the assignment, the
company had core competencies in road and bridge construction. The JTTS assignment brought
significant changes to PT Hutama Karya (Persero) by adding to the company's core competence
in the field of toll road business. In response, Hutama Karya opened a business division and
subsidiaries related to toll road business such as the establishment of a toll road business
division (BUJT) responsible for toll road operation, maintenance, construction, and planning
and a subsidiary of HAMAWAS, HAKAAston which has manufacturing competence shifted
to become a toll road operator.
After the business diversification, Hutama Karya has various business lines such as
trans Sumatra toll road developers, building construction services, buildings, bridges and roads,
Injuruty: Interdiciplinary Journal and Humanity
Volume 2, Number 12, Desember 2023
e-ISSN: 2963-4113 and p-ISSN: 2963-3397
Diversification Strategy and Business Portfolio Development in State-Owned
Companies PT. Hutama Karya
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976
property rental, manufacturing, to EPC (Engineering, Procurement, and construction)
(Ardiyanto, Sutikno, & Chasanah, 2017). The business diversification carried out by Hutama
Karya then experienced problems in the company's performance.
Figure 1 Financial Performance Before and After Entering the Toll Road Business
After entering the toll road business, the company's financial performance showed an
imbalance between high asset growth and the company's profit level which continued to lose
money from 2020 to 2022 (Sofindra, 2022).
Large increase in assets but on the other hand creates losses for PT. Hutama Karya is a
warning on the implementation of corporate strategy. The diversification of business carried
out by Hutama Karya has led to the expansion of the company's competencies which creates
an increasingly diverse business portfolio. Therefore, in-depth research is needed to formulate
a consistent and effective business strategy, especially for companies with diverse business
units such as Hutama Karya in facing challenges and achieving business goals with a balanced
and sustainable strategy.
Previous research examining diversification strategies and business portfolio
management simultaneously with the object of state-owned companies whose share ownership
is 100% owned by the government has not been widely discussed. Research conducted by
Wardhana, Kartawinata, & Syahputra, (2016) uses SWOT Analysis to identify the company's
position based on its internal and external environment to identify the company's leading
business lines and core competencies. Iskandar, Baga, & Saptono, (2018) analyzed the business
portfolio of PT Kawasan Berikat Nusantara (Persero) through the Grand Strategy Matrix and
GE Nine Cell Matrix to formulate a consistent strategy in the context of large companies with
diverse business units. The results of the study formulate the most effective strategy for the
corporation and the most effective management of business units and subsidiaries. Research
by NUGROHO, (2019) examines the business diversification of PT Wijaya Karya (Persero),
Tbk. through a matrix of business strength and industry attractiveness to identify the company's
line portfolio
This study seeks to fill the gap in literature on business diversification strategies and
business portfolios for state-owned companies that are influenced by the corporate environment
while formulating business portfolio management strategies for PT. Hutama Karya to be able
to maximize the performance of its business portfolio management, for this reason, the
objectives of this study are (1) identifying internal and external strategic factors of the
corporation, (2) analyzing the position of the company's business portfolio, (3) formulating
concepts or policies, new business diversification strategies for PT Hutama Karya.
RESEARCH METHOD
This research method is descriptive qualitative (Sugiyono, 2013). Descriptive qualitative
research is an approach used to understand and describe in detail a phenomenon or event that
occurs in its natural context. Data sources are grouped into two, namely primary data sources
Diversification Strategy and Business Portfolio Development in State-Owned
Companies PT. Hutama Karya
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977
and secondary data sources. Primary data sources refer to data obtained directly by researchers
through direct interaction and observation with research subjects including in-depth interviews
with the President Director and Vice President Director. Secondary data sources refer to pre-
existing data that are not obtained through direct interaction with the research subject.
Secondary data includes internal company documents, such as financial statements,
performance reports, company plans, as well as various documents and literature studies that
include various research studies related to the formulation of the company's business strategy
and portfolio, construction industry conditions and government development plans.
Data analysis includes analysis of the company's internal and external environment
through the formation of IFE (internal factor evaluation) and EFE (external factor evaluation)
matrices to identify internal and external factors that affect PT. Hutama Karya which resulted
in the position of the company IE Matrics (Gunawan & Boonastria, 2022). Furthermore, the
data analysis uses the GE Nine-Cell Matrix to assess the position of the company's business
portfolio in the industry. The results of this data analysis will help formulate alternative
business diversification strategies that are in accordance with business strength and industry
attractiveness (Aaker & Moorman, 2023). The next stage of data from focus group discussions
with business development and investment divisions and corporate planning is used to
formulate business diversification strategies that will be submitted to company management.
RESULT AND DISCUSSION
Hutama Karya Business Diversification
Hutama Karya has implemented a business diversification strategy that includes related
diversification and unrelated diversification in an effort to expand its business portfolio.
Diversification carried out by PT. Hutama Karya includes related diversification because the
company has utilized its core competencies in construction and infrastructure to expand its
business in the toll road sector. Hutama Karya utilizes knowledge, experience, and expertise in
construction services to build and develop toll roads. Although the toll road business has
different characteristics from the construction business, such as toll road operation and
operation, the technical basis and technology used still have a significant linkage.
Diversification is related mainly with respect to subsidiaries such as PT. HAKAAston,
PT. Hutama Karya Infrastruktur, PT. Hutama Marga Waskita, and EPC Energy Singapore Ltd.
Each subsidiary takes advantage of the core competencies of PT. Hutama Karya in the field of
construction and infrastructure to expand their business either in terms of toll road construction,
manufacturing, EPC management, or property development. In addition, diversification is not
related by PT. HK Realtindo in its real estate sector differs in its business characteristics.
Hutama Karya's diversification reflects the company's efforts to develop its business portfolio
and reduce risk through various types of investments (HERAWATI, 2019).
Internal Environmental Analysis
Analysis of the internal environment of PT Hutama Karya (Persero) there are a number
of strengths and weaknesses in Hutama Karya's business diversification strategy. The
company's key strengths which include good reputation in completing major projects (0.21),
government support (0.21), quality human resources (0.22), infrastructure business integration
(0.21), and success in national strategic projects (0.21) provide a solid foundation to continue
and expand its various businesses. A total strength of 1.98 indicates the company's solid ability
to achieve its diversification goals. The weaknesses of Hutama Karya are responsiveness to
Diversification Strategy and Business Portfolio Development in State-Owned
Companies PT. Hutama Karya
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market changes (0.10), funding constraints affecting project development (0.04), potential
negative impacts on profitability due to aggressive business diversification (0.04), inefficient
EPC business management (0.05), and funding challenges in the development of the Trans-
Sumatra Toll Road (0.05) can be obstacles in implementing the diversification strategy.
Cashflow problems in the assignment of large projects such as the Trans-Sumatra Toll Road
(0.04), risks due to economies of scale in the development of long Trans-Sumatra Toll Road
projects (0.05), difficulties in responding to changes in policies and regulations (0.10),
challenges in completing national strategic projects on target (0.09), and slow responsiveness
to market and policy changes (0.10) can also hinder the progress of business diversification.
Table 1 Internal Evaluation Factors
NO
STRENGTH
Weight
Rating
Score
1
Hutama Karya's ability to adapt to the construction
industry
0,06
4
0,22
2
Good reputation in carrying out large construction
projects gives the company a competitive advantage
0,05
4
0,21
3
The use of technology in the implementation of
construction projects in creating better efficiency and
quality
0,06
3
0,17
4
State-owned companies that receive government support
to strengthen Hutama Karya's ability to carry out business
diversification in line with national policy
0,05
4
0,21
5
Good managerial skills and adaptability help Hutama
Karya execute business diversification strategies
0,05
3
0,16
6
Quality and loyal human resources are Hutama Karya's
main strength in business diversification
0,05
4
0,22
7
Hutama Karya has the capability to integrate various
multi-business infrastructures ranging from road and
bridge projects to toll road operations
0,05
4
0,21
8
A careful financial business strategy supports Hutama
Karya in managing risk and achieving sustainable
profitability.
0,06
3
0,17
9
Hutama Karya's operational excellence in the
construction business provides a competitive advantage
in business diversification.
0,05
4
0,19
10
The success of building national strategic projects and
building multi-business infrastructure strengthens
Hutama Karya's business position as a key player in the
construction services industry
0,05
4
0,21
TOTAL STRENGTH
1,98
No
(WEAKNESS)
Weight
Rating
Score
1
Responsiveness to market changes that lack hindering
Hutama Karya's ability to execute projects quickly
0,05
2
0,10
2
Limited funding can affect the scale and speed of
development of projects that companies focus on
0,04
1
0,04
3
Aggressive business diversification can affect a company's
profitability
0,04
1
0,04
4
Limited business development and inefficient management
can hamper Hutama Karya (EPC business)
0,05
1
0,05
Diversification Strategy and Business Portfolio Development in State-Owned
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5
The development of the Trans-Sumatra Toll Road faces
insufficient funding challenges to complete the work
0,05
1
0,05
6
The impact of the assignment of large projects such as the
Trans-Sumatra Toll Road faces internal challenges in the
form of unhealthy cash flow
0,04
1
0,04
7
The economies of scale in the development of the long
Trans-Sumatra Toll Road can be a challenge for the
company's cash flow
0,05
1
0,05
8
Challenges in responding to changes in policies and
regulations may hamper Hutama Karya's ability to adapt
0,05
2
0,10
9
Challenges in the completion of national strategy projects
that have not reached the expected targets can affect the
company's reputation
0,04
2
0,09
10
Responsiveness in responding to market and policy changes
can slow down Hutama Karya's ability to execute projects
0,05
2
0,10
TOTAL WEAKNESS
0,66
Totaly
2,63
External Environment Analysis
Hutama Karya has a number of opportunities that can support its business diversification
strategy such as the potential for vertical and horizontal integration in forming a multi-business
infrastructure ecosystem (0.22), followed by the use of technology to improve work efficiency
(0.22) and strong support from government policies in infrastructure development (0.22). Other
significant opportunities include sustainable economic growth (0.22), the use of new
technologies in business processes (0.20), and opportunities for business expansion into other
regions (0.19). Competent human resources (0.19) provide potential for improved service
quality, while changes in social behavior such as urbanization (0.17) also create opportunities
for companies. In addition, business development opportunities in the renewable energy sector
(0.16) and the possibility of strategic cooperation with other companies (0.19) add to the
diversity of the company's growth options. This total opportunity is 1.98% reflecting the
company's growth and development potential by utilizing strong external strategic factorsThe
main threat with the highest is the high debt burden and financial risks associated with large
projects (0.22%), which can affect the company's financial stability. Other significant threats
include changes in fiscal or monetary policy impacting production and project costs (0.16), as
well as global economic uncertainty (0.16). Dependence on government policies and
assignments (0.10), political instability that can affect project completion and changes in
national development priorities (0.10), and changes in industry policies or regulations that can
affect the company's business direction (0.10) are also significant threats. Other threats include
delays in technology adaptation or innovation (0.10), as well as changes in consumer
preferences such as work from anywhere policies (0.09) and the hard-to-sell nature of business
(0.08). This total threat is 1.22, indicating the need for companies to design strong strategies
and mitigate risks to address these challenges.
Diversification Strategy and Business Portfolio Development in State-Owned
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Table 2 External Evaluation Factors (EFE)
NO
OPPORTUNITY
Bobot
Rating
Skor
1
Hutama Karya has the opportunity to develop business lines in
the renewable energy sector that requires infrastructure for
manufacturing
0,04
4
0,16
2
Companies can take advantage of opportunities from vertical
and horizontal integration to form a multi-business
infrastructure ecosystem
0,05
4
0,22
3
The use of technology carried out by Hutama Karya can
optimize the efficiency and effectiveness of work to accelerate
the accuracy of project completion
0,06
4
0,22
4
Government policies and programs that support infrastructure
development can provide opportunities for Hutama Karya to
develop new projects
0,06
4
0,22
5
Sustainable economic growth can result in an increased need
for infrastructure and development, which can be an
opportunity for companies.
0,06
4
0,22
6
Changes in social behavior such as urbanization can create
opportunities to develop products according to social and
cultural trends.
0,04
4
0,17
7
Hutama Karya has competent human resources, and this can be
an opportunity to develop new businesses that require
technical expertise.
0,05
4
0,19
8
The company's opportunity to continue to expand its business
to various regions such as IKN and Asean
0,05
4
0,19
9
Opportunities for strategic cooperation with other companies
for new business development such as technology, financing
or joint venture (HAMAWAS).
0,05
4
0,19
10
The use of new technologies and innovations in business
processes can open up opportunities to increase efficiency and
provide added value for customers
0,05
4
0,20
TOTAL OPPORTUNITY
1.98
No
THREATS
Bobot
Rating
Skor
1
The existence of changing fiscal or monetary
policies can affect business and project
performance such as an increase in the
exchange rate affects the cost of goods
produced
0,05
3
0,16
2
Changes in the direction of government
policies or political instability can have a
negative impact on project completion or
0,05
2
0,10
Diversification Strategy and Business Portfolio Development in State-Owned
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No
THREATS
Bobot
Rating
Skor
changes in the direction of national
development priorities.
3
Changes in industry policies or regulations
can affect Hutama Karya's business direction
and result in changes in the projects carried
out.
0,05
2
0,10
4
In the event of a change in consumer
preferences, such as the continuation of
existing work from anywhere policies,
existing businesses may need to adapt to
remain relevant.
0,05
2
0,09
5
The high debt burden and financial risks
associated with the development of large
projects can be a threat to the financial
stability of the company.
0,05
4
0,22
6
The emergence of dependence on government
policies and assignments that can be a threat if
there is a change in government priorities
0,05
2
0,10
7
Delays in technology adaptation or innovation
in the construction industry can disrupt
existing businesses and require companies to
adapt.
0,05
2
0,10
8
The existence of force majeure in the
construction industry such as natural disasters
or climate change can disrupt construction
projects and cause delays or additional costs.
0,05
2
0,11
9
Global economic uncertainties, such as
pandemics, can affect project completion, raw
material prices, and project financing.
0,05
3
0,16
10
The business, operational and
industrial nature of toll road operation is
not easy so it is difficult to recycle assets or
sell
0,04
2
0,08
TOTAL THREATS
1.22
TOTAL
3.20
Source: Data Primer (2023)
The results of the analysis using the Internal Factor Evaluation Matrix (IFE) showed a
score of 2.63, indicating a balance between strengths and weaknesses in Hutama Karya. The
External Factor Evaluation (EFE) matrix gives a score of 3.20, indicating greater
responsiveness to opportunities than threats with these results, the company is in quadrant II
on the IE matrix diagram, indicating strong internal strength and the ability to respond to
external opportunities. However, a high EFE score indicates challenges from the external
environment. Strategies in companies that are in quadrant II positions include intensification
such as market penetration, market development, and product development such as backward,
forward, and horizontal (Elvitriadi, 2020). Thus the results of the IE Matrix analysis can be
used as a basis for determining SWOT-based strategies.
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Table 3 Strategy Determination Based on SWOT Matrix
Strategi SO (Strength-Opportunity)
Strategi WO (Weakness –Opportunity)
1. Utilization of technology in business processes for
optimization of efficiency and company branding
2. Leverage multibusiness integration and quality
human resources to develop a broader business
ecosystem
3. Creation of opportunities in the renewable energy
sector by using Hutama Karya's capabilities and
human resources in infrastructure development for
manufacturing.
1. Human resource capacity building to 982be
egative982 to change to take advantage of
opportunities in the renewable energy sector and
adapt to technological and industrial changes
2. Harness opportunities for sustainable economic
growth to reduce funding constraints
3. Strategies in optimizing operational efficiency
through the use of technology to reduce the risk of
project failure
Strategi ST (Strength-Threat)
Strategi WO (Weakness –Opportunity)
1. Strengthening managerial capabilities and
organizational flexibility to deal with
policy or regulatory changes that may
have an 982egative impact on the
business.
2. Invest in technology and human capital to
reduce the impact of business threats in a
situation of global economic uncertainty.
3. Increase financial resilience, capability, et
al in a situation of global economic
uncertainty
1. Strategies to manage financial risks
prudently and reduce debt burdens to
overcome threats to the development of
toll road projects whose business nature is
difficult to sell.
2. Reduce dependence on government
projects
3. Conduct a strategic assessment of the
macro environment to address changes in
policy and regulation
Source: Data Processed (2023)
Based on the determination of alternative strategies based on the TOWS matrix, strategy
priority selection is then carried out. The determination of the quadrant is determined by the
difference between (strength-deficiency) and (opportunity - threat). The resulting value of
internal factors is used as the coordinate point on the X axis while, the external factor consisting
of opportunities and threats is used as the coordinate point on the Y axis. The results of the
company's SWOT coordinate analysis are at (1.32, 0.76) indicating the superiority of internal
forces and the potential for high external opportunities. Showing the most effective strategy
taken by the company is the quadrant I strategy which emphasizes the SO (Strength –
Opportunity) strategy, which is utilizing internal strengths to support the utilization of external
opportunities. Suitable alternative strategies are: 1) Utilization of technology to improve
efficiency and company branding, 2) Integration of multibusiness and quality human resources
to be broader, 3) Development in the renewable energy sector by utilizing Hutama Karya's
capabilities in infrastructure development for manufacturing (Usall, Torres, & Teixido, 2016).
Portfolio Analysis of Business Lines and Subsidiaries
Hutama Karya has various business units engaged in various fields. Toll Road Business
Entities (BUJT) manage and operate toll roads, while Non-Toll Road Business Entities (Non-
BUJT) can be involved in building, road and bridge construction services as well as EPC.
Hutama Karya Infrastruktur (HKI) focuses on road and bridge construction, HAMAWAS
which is engaged as a developer of several toll road sections and HAKAAston which operates
in toll road operators (David & David, 2017). HK Realtindo is engaged in real estate with
Diversification Strategy and Business Portfolio Development in State-Owned
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property development projects. Meanwhile, EPC Energy Singapore focuses on engineering,
procurement and construction
For the past three years the company has not managed to achieve the financial targets
that have been set. The realization of assets, income and net income is always below the plan
that has been drawn up, as seen in the following data:
Table 4 Plan and Realization of PT. Hutama Karya
Year
Plan
Realization
Assets
Income
Profit
Lose out
Assets
Income
Profit
Lose out
2020
121.841
40.709
5.882
114.111
23.401
7
2021
183.550
59.409
8.783
132.918
20.485
760
2022
245.252
68.396
10.311
156.316
24.209
2.331
Source: Hutama Karya (2022)
In 2020 the planned assets were 121.841 billion, but the realized amounted to only
114.111 billion. Likewise, the planned revenue of 40,709 billion but realized only 23,401
billion, with profit/loss far below the target of 7 billion. In 2021, there was a similar gap, with
planned assets of $183,550 billion, but only $132,918 realized. Revenue was also below plan,
at 59,409 compared to the target of 8,783 billion, and profit/loss only reached 760 billion.
Although 2022 showed improvement, the company was still unable to achieve the goals set in
the financial plan. The planned assets amounted to 245.252 billion, while the realized ones
were only 156.316 billion. Revenue was also under plan with $68.396 billion compared to the
target of $10.311 billion, and profit/loss came in at $2.331 billion. Hutama Karya's financial
performance analysis which shows the company's difficulty in achieving financial plans
reinforces the importance of managing business portfolios based on business strengths and
industry attractiveness to prioritize strategies that need to be taken by the company due to
limited company resources (Arifin, 2021).
Figure 1 Business Portfolio
Diversification Strategy and Business Portfolio Development in State-Owned
Companies PT. Hutama Karya
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The results of the business portfolio analysis show that Hutama Karya Infrastruktur
(HKI) and Toll Road Business Entities (BUJT) are in a profitable position (leader) with strong
business and are in attractive industries. companies may consider maintaining focus on core
business on road and bridge construction business for IPR and toll road developer for BUJT.
Non-Toll Road Business Entities, HAMAWAS, and HAKAAston (Proceed With Care) have
strong business strength but are in industries that may not be as strong as industries operated
by HKI and BUJT. In managing business portfolios, companies need to be more careful and
aware of the risks that exist in their industry (van der Velten & Ansoff, 1998). HK Realtindo
(Phased Withdrawal) is in a business position no longer attractive or profitable. In managing
HK Realtindo's business portfolio, it needs exposure in the industry by reducing the scale of
their operations in areas of unprofitable real estate, EPC Energy Singapore is in a business
situation that is no longer attractive or profitable where companies may consider the process
of divesting or selling their business in a bid to reduce the burden on the company
CONCLUSION
The results of this study conclude that external factors that support Hutama Karya's
business diversification include sustainable economic growth, government support, and
technological adaptability. But companies also face threats from global economic uncertainty,
policy changes and high debt burdens. On the other hand, internal factors that support
diversification include adaptability, a strong reputation, quality human resources, and a careful
financial strategy. However, there are disadvantages such as less responsiveness to change and
less efficient project management. Looking at the company's SWOT quadrant which is at 1,
alternative strategies that can be taken include utilizing internal strengths and external
opportunities. The company focuses on developing the business ecosystem by strengthening
its business portfolio, creating new opportunities in the renewable energy sector by utilizing
Hutama Karya's capabilities and human resources, as well as optimizing efficiency and
corporate branding through the application of technology in all business units and subsidiaries.
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Copyright holders:
Ahmad Maulana, Rizal Syarif, Asep Taryana (2023)
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Injurity - Interdiciplinary Journal and Humanity
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