Sentul City, Property Developer Owned By Conglomerate Stella Isabella Djohan Earns Rp239 Billion Profit In First Quarter 2021

JAKARTA - Property developer, PT Sentul City Tbk managed to record a net profit of IDR 239 billion in the first quarter of 2021. The company coded as BKSL stock also recorded revenue of IDR 463 billion, growing four times compared to the same period in 2020.

President Director of PT Sentul City Tbk Tjetje Muljanto revealed, the financial performance of the company owned by conglomerate Stella Isabella Djohan improved significantly in the first quarter of 2021 compared to its performance in 2020. In the first quarter of 2020, BKSL recorded a net loss of Rp190 billion.

"In the midst of Indonesia's economic conditions which were hit by the negative effects of the COVID-19 pandemic and the decline in consumer purchasing power, in the first quarter of 2021 we have succeeded in carrying out performance improvement measures such as cost savings and the sale of strategic assets so that the company's revenue in the first quarter of 2021 amounted to Rp463 billion. has exceeded the total sales in 2020 of Rp452 billion," said Tjetje in a written statement, quoted on July 2.

Tjetje further explained, BKSL has also completed a land sale and purchase transaction with PT Genting Properti Nusantara and PT Genting Properti Cemerlang which is a subsidiary of Genting Property Sdn Bhd, one of the leading developers in Malaysia.

"This land transaction is one of the triggers for the company's positive performance in the first quarter of 2021," he explained.

For information, the land is the location of Genting Property's first project in Jabodetabek with a lifestyle theme and will support long-term revenue growth for the company by increasing the attractiveness of Sentul City as an Eco City that combines nature with a modern lifestyle.

The positive financial performance in the first quarter of 2021 and the success of the company in cooperating with Genting Property to invest in the Sentul City area, said Tjetje, will strengthen the development of BKSL in the future.

"This Genting investment is a testament to the confidence of foreign investors in business opportunities in Sentul City which can be a catalyst for economic growth and job creation," concluded Tjetje.