Property Company Owned By Conglomerate Mochtar Riady Earns Revenue Of IDR 3.8 Trillion In The First Quarter Of 2023

Photo: Doc. Lippo Karawaci

JAKARTA - Property developer owned by conglomerate Mochtar Riady, PT Lippo Karawaci Tbk (LPKR) managed to record revenue of IDR 3.8 trillion in the first quarter of 2023 or grew by 14 percent Year on Year (YoY).

"We are very happy to see LPKR and all business units continue to work very optimally. We will continue to create value for all of our stakeholders," said LPKR Group CEO John Riady in a written statement, Tuesday, May 2.

Meanwhile, LPKR's gross profit also increased 15 percent to Rp1.6 trillion. EBITDA increased by 30 percent to Rp878 billion.

The company also reported that NPAT in the first quarter of 2023 was IDR 1.1 trillion with NPAT underlying increasing 54 percent YoY driven by improving business fundamentals, lower interest rates, and better debt management.

In addition, Lippo Karawaci noted that pre-sales rose to IDR 1.2 trillion. This figure is equivalent to 24.7 percent of the 2023 target of IDR 4.9 trillion.

The growth was supported by consistent sales of landed house products. Pre-sales in the first quarter of 2023 consisted of IDR 873 billion from LPKR and IDR 337 billion from Lippo Cikarang.

In the company's health service segment managed by LPKR's subsidiary, namely PT Siloam International Hospitals Tbk (SILO), Siloam managed to achieve the highest first quarter financial results in the first quarter of 2023 with an increase in revenue of 19 percent YoY to Rp2.6 trillion, gross profit increased 29 percent YoY to Rp1.1 trillion, and EBITDA increased significantly by 47 percent YoY to Rp673 billion, driven by Siloam's strong operational performance.

As for the lifestyle segment, which consists of the mall and hotel business, continues to show a strong recovery with an increase in revenue of 19 percent YoY to Rp296 billion. Gross profit also increased by 11 percent YoY to Rp197 billion.