Property Company Owned By Ciputra Conglomerate Earns IDR 9.72 Trillion In Revenue And IDR 1.73 Trillion In Profit In 2021

Photo: Doc. Ciputra Development

JAKARTA - Property developer owned by the late Ciputra conglomerate, PT Ciputra Development Tbk (CTRA) recorded revenue growth and net profit throughout 2021. Both have even grown to double digits.

In CTRA's audited financial report, quoted Monday, April 19, the company achieved revenue of IDR 9.72 trillion, up 20.55 percent compared to 2020 which reached IDR 8.07 trillion.

By segment, the largest contribution came from net sales of plots, residential houses, and shophouses which amounted to IDR 5.62 trillion, up from IDR 5.05 trillion in the previous year.

Furthermore, the contribution from apartment sales was IDR 1.34 trillion from IDR 1.08 trillion, while the contribution of net office sales increased to IDR 1.06 trillion from IDR 455.94 billion.

Meanwhile, the largest operating income came from the hospital segment, which rose to IDR 671.09 billion from IDR 455.47 billion the previous year. Furthermore, revenues from commercial centers decreased to IDR 425.86 billion, hotel revenues increased to IDR 265.69 billion, office rentals increased to IDR 217.07 billion, and golf courses rose to IDR 36.95 billion, and other revenues amounted to IDR 78.62 billion.

The business group is involved in several rental agreements based on the percentage of profit sharing received by the tenants each month. The profit-sharing system will not be lower than the minimum rental payment that has been agreed by the Group and tenants.

The company's cost of goods sold and direct costs also increased to IDR 4.88 trillion, an increase of 23.8 percent compared to the previous year's IDR 3.94 trillion. So that the company's gross profit was recorded to continue to grow to IDR 4.83 trillion from IDR 4.12 trillion

After deducting general and administrative expenses, selling expenses, and other expenses, to the addition of other income, CTRA's operating income was recorded at IDR 3.35 trillion as of 2021, up from IDR 2.64 trillion in 2020.

Thus, the profit for the year attributable to owners of the parent entity CTRA in 2021 will be IDR 1.73 trillion, up 32.34 percent compared to 2020 which was IDR 1.31 trillion.