Pakuwon, Property Developer Of Kota Kasablanka And Gandaria City Owned By Conglomerate Alexander Tedja Earns Revenue Of IDR 5.71 Trillion And Profit Of IDR 1.38 Trillion

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

JAKARTA - Property developer from the city of Surabaya, PT Pakuwon Jati Tbk (PWON) posted a positive performance throughout 2021. Profit and revenue of the company owned by conglomerate Alexander Tedja was able to grow throughout last year.

In Pakuwon's financial report, quoted on Wednesday, April 6, the company recorded a net profit of Rp1.38 trillion. This growth was in line with an increase in revenue of 43.82 percent to Rp.5.71 trillion compared to 2020 of Rp.3.97 trillion.

Pakuwon's revenue composition consists of 47 percent recurring revenue and 53 percent development revenue. Based on revenue per segment, the largest contribution was obtained from retail leasing and condominium sales, respectively 33.8 percent and 32.6 percent, followed by landed houses 17.9 percent, Hotels and Serviced Apartments 8.8 percent, office leasing 4.6 percent, and office sales 2.3 percent.

PWON's cost of revenue rose 44.82 percent to Rp. 2.94 trillion. However, Pakuwon Jati's gross profit continued to grow 42.26 percent to IDR 2.76 trillion.

Some of the company's expense posts increased, such as selling expenses which rose 42.29 percent to Rp186.98 billion. Then, the financial burden rose 19.51 percent to Rp352.4 billion.

The company also recorded a penalty for redemption of bonds amounting to Rp99.43 billion, which did not exist in the previous year. Then, losses on derivative financial instruments also increased to Rp98.09 billion from the previous Rp25.71 billion.

Even so, PWON's bottom line remained solid with 48.76 percent growth to Rp1.38 trillion. The previous year, PWON's net profit was recorded at Rp929.91 billion.

As of December 31, 2021, PWON's total assets grew 9.11 percent to IDR 28.86 trillion. In detail, total liabilities rose 9.25 percent to Rp9.68 trillion and total equity rose 8.98 percent to Rp19.17 trillion.