Lippo Karawaci Projected To Raise Revenue Of IDR 15.48 Trillion In 2022, Grandson Of Conglomerate Mochtar Riady Optimistic As COVID-19 Cases Decline

JAKARTA - The analyst consensus projects that the revenue performance of PT Lippo Karawaci Tbk (LPKR) will continue to grow in 2022. This is considering the positive trend in 2021.

According to analyst consensus at Bloomberg, the property developer owned by conglomerate Mochtar Riady is expected to post an increase in revenue to Rp 15.48 trillion in 2022.

"LPKR's revenue in 2022 is Rp. 15.48 trillion, up from the projected revenue in 2021 which is Rp. 14.59 trillion and the realization in 2020 is Rp. 11.96 trillion," said Bloomberg analyst consensus, quoted on Saturday, December 11.

Ciptadana Sekuritas analyst Yasmin Soulisa also predicts that LPKR will be able to grow revenue to IDR 17.1 trillion in 2022, with a net profit of IDR 233 billion.

"LPKR's income is also supported by the sale of apartments and landed houses that have been built. It can be estimated that LPKR has a property inventory of IDR 1.2 trillion," he said.

LPKR's performance was also marked by an increase in revenue during the first 9 months of 2021. LPKR's revenue rose 44 percent (year on year/yoy) to Rp. 10.9 trillion and EBITDA increased by 84 percent to Rp. 2.9 trillion, in line with the growth of the property development business and health services.

As of September 2021, LPKR's property revenues rose 26 percent yoy to IDR 3 trillion, health rose 47 percent yoy to IDR 5.9 trillion, and rental properties rose 72.7 percent yoy to IDR 2.07 trillion.

LPKR CEO John Riady said, the property business is getting better along with increasing community mobility and decreasing COVID-19 cases.

"This is also supported by a number of incentives from the government, low interest rates, and high demand in the millennial segment. The property industry has bright prospects for sustainable growth," said the grandson of Mochtar Riady.