Lippo Karawaci's Revenue Owned By Conglomerate Mochtar Riady Reaches IDR 8.1 Trillion, Grows 19 Percent In Semester I 2023

Photo: Doc. Lippo Karawaci

JAKARTA - Property developer owned by conglomerate Mochtar Riady, PT Lippo Karawaci Tbk (LPKR), managed to achieve revenue growth of 19 percent to Rp8.1 trillion in the first semester of 2023. The growth trend is predicted to continue until the end of the year.

Based on LPKR's financial report, quoted on Monday, July 31, the company recorded a gross profit growth of 21 percent YoY to IDR 3.5 trillion and EBITDA shot up 39 percent YoY to IDR 2 trillion.

LPKR also managed to record a net profit of IDR 1.1 trillion in the first semester of 2023 which showed a significant increase from a net loss of -IDR 1.2 trillion in the first semester of 2022.

Meanwhile, in the second quarter of 2023 alone, LPKR managed to achieve a net profit of Rp12 billion without any effect from extraordinary events that affected the results. This achievement in the second quarter of 2023 marked the first quarter of 2019, namely LPKR managed to re-print a net profit through its fundamental business performance.

In the real estate segment, LPKR successfully posted pre-sales of IDR 2.48 trillion, supported by mixed product offerings and consistent product launches. This success met 50.6 percent of the pre-sale target of IDR 4.9 trillion in 2023.

The LPKR health service segment, operated by a subsidiary of LPKR, PT Siloam International Hospitals Tbk (SILO), managed to maintain a strong financial growth momentum during the first semester of 2023.

During that period, revenue from the health care segment grew by 20 percent YoY and EBITDA increased by 48 percent YoY. This achievement was driven by a strong recovery from revenue outside of COVID-19 cases, an increase in patient volume, and an increase in the adoption of Siloam's digital channel which made it easier for patients to access health services.

The lifestyle segment continues to benefit from post-COVID-19 recovery with revenue and EBITDA in the first semester of 2023 increasing by 14 percent and 20 percent YoY, respectively.

"We are proud to convey our performance during the first semester of 2023 which reflects the success of our turnaround efforts, especially in the second quarter of 2023, we managed to achieve a net profit without the effect of extraordinary events that affected the results. This achievement shows an increase in the fundamental performance of all of our business units," said LPKR Group CEO John Riady in a written statement.