Agung Podomoro Land Raises Operating Revenue Of IDR 1.87 Trillion

Illustration (Photo: Doc. Antara)

JAKARTA - PT Agung Podomoro Land Tbk (APLN) recorded sales and operating income of IDR 1.87 trillion in the first semester of 2023. Meanwhile, gross profit was recorded at IDR 662 billion.

PT Agung Podomoro Land Tbk Corporate Secretary Justini Omas explained that the performance of the first semester of 2023 illustrates the positive impact of a number of initiatives taken by the company to increase efficiency in every business process.

"During the January-June 2023 period, APLN posted sales recognition of IDR 1.19 trillion, down from the same period the previous year of IDR 1.55 trillion," he told the media, Saturday, September 2.

The company also managed to record an increase in recurring income to IDR 678.9 billion, compared to the first semester of 2022 worth IDR 652.6 billion.

He detailed that the main sources of recurring income were from the rental of shopping centers of Rp. 278.7 billion and hotel businesses of Rp. 399.9 billion from a number of shopping centers owned by APLN, including Neo Soho, Kuningan City, Emporium Pluit, Deli Park Medan, Baywalk, CityLink Bandung Festival, and Plaza Balikpapan, as well as hotels including Indigo Hotel Bali Seminyak, Pullman Ciawi Vimala Hills, Pullman and Ibis Styles Bandung Grand Central.

According to Justini, hotels owned and managed by APLN experienced a significant increase in occupancy rates.

In addition to normal community activities, the number of holidays and the existence of Eid al-Fitr during the second quarter of 2023 are factors that encourage the increase in occupancy of these hotels.

Currently, APLN operates 8 hotels located in Jakarta, Bogor, Bandung, and Bali.

A number of our main hotels such as the Pullman Ciawi Vimala Hills Bogor hotel and the Pullman Bandung Grand Central hotel are often sold out. We are optimistic that this year's recurring income, especially from the hotel business, will increase higher than in previous years," said Justini Omas.

As an effort to mitigate the risk of a global economic situation that is still uncertain, he said, the company in July 2023 had made a buyback of part of the 300 million US dollars senior notes issued by APL Realty Holdings subsidiary Pte Ltd which will mature in June 2024.

The total principal value carried out by the buyback is US$168.04 million or equivalent to 56 percent of the total price of 60 percent of the issuance price or equivalent to US$100.82 million.

After payment was made on August 2, 2023, the remaining number of senior notes was 131.96 million US dollars.

"Our hope is that through the buyback, some senior notes will continue to decline, so that the company has a wider space to finance the development of property projects in the future. The company will also continue to optimize every opportunity, so that business growth will be maintained continuously," concluded Justini.