Alam Sutera Realty, Property Developer Owned By The Ning King Conglomerate Earns Rp149.92 Billion Profit From Previously Lost Rp1.03 Trillion

JAKARTA - The performance of PT Alam Sutera Realty Tbk (ASRI) will improve in 2021. The property company owned by conglomerate Harjanto Tirtohadiguno alias The Ning King was able to reap revenue growth and net profit throughout last year.

In Alam Sutera's financial report, quoted Thursday, April 7, sales of the real estate segment of PT Alam Sutera Realty Tbk (ASRI) reached Rp2.43 trillion. ASRI recorded a positive performance throughout 2021 and was able to reverse a profit from a fairly deep loss in the previous year.

Based on the company's financial statements, as of December 31, 2021, ASRI recorded total revenue from sales, service revenues, and other businesses of IDR 2.84 trillion. This amount is greater than the revenue of Rp1.41 trillion in 2020.

The real estate segment was the main contributor to revenue with a score of Rp2.43 trillion. That number has doubled when compared to the previous year of Rp. 1.08 trillion.

The hospitality and infrastructure services segment provided revenues of up to Rp402.77 billion. Lastly, the tourism segment contributed IDR 11.28 billion and other segments IDR 1.49 billion.

The company's operating expenses increased to IDR 1.33 billion in 2021 from IDR 816.69 billion in 2020. As a result, ASRI was able to print a gross profit of IDR 1.50 trillion in 2021 from the previous year of only IDR 596.55 billion.

Meanwhile, ASRI's profit before tax was recorded to soar to Rp. 158.47 billion in 2021, reversing from a loss in the previous year of Rp. 960.02 billion. With a positive performance in 2021, ASRI was also able to score a net profit attributable to entity owners of IDR 142.92 billion, up from the previous year which had recorded a loss of IDR 1.03 trillion.

Meanwhile, the company's total assets also increased from Rp21.22 trillion in 2020 to Rp21.93 trillion in 2021. Total liabilities also rose to Rp12.39 trillion in 2021, from the previous year's Rp11.84 trillion.