TOD LRT Project Makes Adhi Commuter Earn IDR 37.6 Billion Profit, Up 10.9 Percent In Six Months

Photo: Doc. Antara/Adhi Commuter Property

JAKARTA - The listed property developer integrated with mass transportation, PT Adhi Commuter Properti Tbk, posted a net profit of IDR 37.6 billion in the first half of 2022. This figure increased 10.9 percent compared to the same period the previous year of IDR 33.9 billion.

The ADCP-coded issuer's net profit was contributed from operating income, which rose 53 percent in the first semester of 2022 to IDR308 billion compared to the same period in 2021 of IDR201 billion.

“In the midst of the dynamics of the post-pandemic economy, ADCP was able to record a profit of IDR 37.6 billion. This achievement is of course supported by solid performance in accelerating the completion of TOD projects for handover ahead of the commercial operation of the LRT," Rizkan said in a statement quoted by Antara, Wednesday, August 3.

One of the projects that was handed over in the first semester of 2022 is Adhi City Sentul with the development of an area of 120 hectares that is integrated with mass transportation.

In addition, other contributions came from recurring income sources or ADCP recurring income, namely Hotel GranDhika Indonesia by 35 percent from Rp. 31 billion to Rp. 42 billion (yoy).

Along with the increase in revenue, Rizkan said the profit achievement during the first semester was also driven by an increase in marketing sales by 47 percent to Rp. 634 billion in June 2022 from the same period in 2021 of Rp. 433 billion.

Three projects that support sales growth are Adhi City Sentul at 17.23 percent, LRT City Bekasi - Green Avenue 8.02 percent, and LRT City Jatibening 8.02 percent.

This year, the subsidiary of PT Adhi Karya (Persero) Tbk is targeting the completion of other LRT City projects and the development of commercial areas along the corridors of the LRT station in order to capture market opportunities from LRT operations that can make a Transit Oriented Development (TOD) area, not only as a support mass transportation but also as a new destination for the community.

"I am optimistic that the company is ready to welcome the momentum of the LRT operation by developing areas that are in accordance with the new lifestyle of urban communities, so that people can feel the benefits of living in TOD residences," concluded Rizkan.