Soaring 56.58 Percent, Net Profit Of Pakuwon Jati Owned By Conglomerate Alexander Tedja Reaches IDR 370 Billion In Three Months

JAKARTA - Property developer from the city of Surabaya PT Pakuwon Jati Tbk (PWON) still recorded a positive performance in the first three months of 2022. During this period, the company owned by conglomerate Alexander Tedja managed to increase its net profit by 56.58 percent from IDR 236.69 billion to IDR 370 .61 billion.

Citing the company's financial statements, Pakuwon's net profit growth was inseparable from the increase in net income which reached Rp1.31 trillion, up 17.1 percent from the previous year which amounted to Rp1.12 trillion.

Director and Corporate Secretary of Pakuwon Minarto Basuki also detailed that the company's recurring revenue in the first quarter reached IDR 842 billion, up 38.1 percent compared to 2021 which was IDR 610 billion. "Especially the retail revenue of malls and hotels shows a signal of economic recovery in 2022," Minarto said in his statement, Tuesday, May 24.

On the other hand, the company's development revenue reached Rp465 billion, down 8.1 percent compared to last year's Rp506 billion.

Minarto also explained, based on revenue per segment, the largest contribution was obtained from retail leasing and condominium sales, respectively 46 percent and 28 percent, followed by hotels and serviced apartments with 13 percent, landed houses and office leasing with 6 percent and office sales with 1 percent.

Meanwhile, in terms of marketing sales, the figure reached Rp. 380 billion. "The composition consists of 45 percent of landed houses and 38 percent of condominiums and 18 percent of offices, as a result of the extension of the VAT incentives from the government," Minarto added.

Meanwhile, during the first quarter of 2022, the company spent Rp 165 billion in capital expenditures, mainly to finance the construction projects of Pakuwon Mall Bekasi, renovation of malls and hotels as well as land purchases.