Pakuwon, Developer Of Kota Kasablanka Mall And Gandaria City Owned By Conglomerate Alexander Tedja Raise Revenue Of Rp3.79 Trillion In The Third Quarter Of 2021

Kota Kasablanka Mall. (Photo: Doc. Pakuwon Jati)

JAKARTA - Property developer, PT Pakuwon Jati Tbk (PWON) recorded a good performance in the third quarter of 2021. The revenue and profit of the company owned by conglomerate Alexander Tedja increased significantly in the first nine months of this year.

In Pakuwon's financial report published on the Indonesia Stock Exchange (IDX) website, quoted Thursday, November 18, the developer of Kota Kasablanka and Gandaria City Malls posted a 24.34 percent increase in revenue year on year (yoy) during the first nine months of 2021. PWON's revenue grew from Rp3.05 trillion as of September 2020 to Rp3.79 trillion as of September 2021.

This increase was driven by sales of condominiums and offices which increased 58.6 percent yoy, from Rp883.29 billion to Rp1.4 trillion. In addition, PWON's land and building sales also shot up 63.95 percent yoy, from Rp434.27 billion to Rp712 billion.

However, PWON's room rental revenue fell 14.03 percent yoy to Rp 644.8 billion from Rp 750 billion. This is in line with revenue from maintenance services which fell 6.84 percent yoy to Rp426.52 billion from Rp457.82 billion.

On the bottom line, Pakuwon recorded a profit for the year attributable to owners of the parent company of Rp721.97 billion. This achievement increased by 20.19 percent compared to net profit for the same period in 2020 which was Rp. 600.7 billion.

The increase in net profit was driven by foreign exchange losses which decreased by 80.10 percent yoy, from Rp.238.59 billion to Rp.47.48 billion.

The total assets of PWON as of September 2021 reached Rp. 28.68 trillion, an increase of 8.38 percent from the position of assets at the end of 2020 which was Rp. 26.46 trillion.

This is in line with liabilities which grew 15.97 percent year to date (ytd) to Rp10.27 trillion and equity which grew 4.55 percent ytd to Rp18.4 trillion.