Agung Podomoro Land's Revenue From Property Developer Conglomerate Trihatma Haliman Soared 159 Percent To IDR 1.26 Trillion In The First Quarter Of 2022

JAKARTA - Property developer belonging to conglomerate Trihatma Haliman, PT Agung Podomoro Land Tbk (APLN) announced positive performance during the first quarter of 2022. Based on unaudited financial results for the period ended March 31, 2022, the company posted sales and operating revenues of IDR 1.26. trillion in the first three months of the year.

This achievement increased by 159.4 percent compared to IDR 485.4 billion in the first quarter of 2021. Corporate Secretary of PT Agung Podomoro Land Tbk F. Justini Omas explained that the acceleration of economic recovery and the improvement in handling the COVID-19 pandemic during the first quarter of 2022 had pushed APLN's business to grow even more positive.

Various property projects that have been developed by the company since the COVID-19 pandemic occurred in 2020 are increasingly finding momentum for market strengthening. This is evident from the recognition of sales from the property business of IDR 960.0 billion, a sharp increase compared to the first quarter of 2021, which was valued at IDR 242.0 billion.

"Various initiatives carried out by the company by accelerating and developing new property projects during the pandemic have proven effective in strengthening the company's performance in early 2022," explained Justini Omas through an official statement, quoted Friday, May 20.

A number of property projects that are currently being developed and accelerated by APLN include Podomoro City Deli Medan, Podomoro Park Bandung, Bukit Podomoro Jakarta, Podomoro Golf View Cimanggis and Kota Podomoro Tenjo Bogor.

The company managed to record marketing sales excluding VAT until April 2022 of IDR 796.1 billion. This achievement was contributed by more than 80 percent of the property projects Podomoro Park Bandung, Podomoro City Deli Medan, Bukit Podomoro Jakarta, Pakubuwono Spring and Podomoro Golf View Cimanggis.

Justini said that the company was also able to maximize the government's success in dealing with the pandemic through a policy of easing hotel and shopping center operations.

The increased activity in the two business sectors, which are one of APLN's main business segments, has succeeded in pushing the company's recurring income up from IDR 243.4 billion in the first quarter of 2021 to IDR 299.1 billion in the first quarter of 2022.

"Hotel and shopping center activities, while still being disciplined in implementing the COVID-19 health protocol, continue to increase. We are committed to always supporting the government's efforts so that this pandemic ends soon and the economy can move faster," said Justini.

The increase in revenue, supported by efficiency measures by management and all business units, made APLN managed to book a gross profit of IDR 474.7 billion, up 155.8 percent compared to IDR 185.6 billion in the first quarter of 2021. The company also posted a comprehensive profit of IDR 41, 1 billion in the first quarter of 2022 compared to a comprehensive loss of IDR 312.3 billion in the first quarter of 2021.

"The success of property sales that continues to increase, thanks to the company's courage in developing property projects since the beginning of the pandemic, is a testament to APLN's maturity in this industry that has lasted for more than half a century. We hope that the revival of the property sector will accelerate the economic recovery going forward," said Justini Omas.