Agung Podomoro Land Pockets IDR 135 Billion From The Recovery Of Mall And Hotel Businesses

PT Agung Podomoro Land Tbk (APLN) managed to record a profit of IDR 135 billion. (photo: Instagram @agungpodomoro)

JAKARTA - PT Agung Podomoro Land Tbk (APLN) managed to record a profit of IDR 135 billion in the first quarter of 2023. This number jumped 228 percent compared to the same period in 2022 of IDR 41.1 billion.

PT Agung Podomoro Land Tbk Corporate Secretary Justini Omas said the recovery of business in the hotel and shopping center sectors as well as the sale of property projects was the main factor in improving APLN's performance earlier this year.

"In addition, the decrease in interest and financial costs due to the decrease in the amount of the Company's debt is also a factor in the increase in comprehensive profit," he told the media, Monday, May 1.

For the period ending on March 31, 2023, he continued, APLN recorded sales and operating income of IDR 1.15 trillion, down 8.58 percent compared to the same period in 2021 of IDR 1.26 trillion.

The company also posted a gross profit of IDR 380.2 billion, down from IDR 474.7 billion in the same period the previous year.

He explained that the company continues to strive to encourage business strengthening through a number of initiatives. Among them is maximizing the sale of property projects in areas with high consumer purchasing power.

"For example, in Bandung through the Podomoro Park Bandung project and in Medan with the Podomoro City Deli apartment project," continued Justini.

Justini added that the Podomoro Tenjo City project, which has become a new magnet for middle-class property consumers in the Bogor and Tangerang areas, has succeeded in maintaining positive sales momentum. APLN also successfully boosted the prestige of the East Jakarta area through a premium property project, namely Bukit Podomoro Jakarta.

"The beginning of the year period is always dynamic and full of challenges. We are grateful that the company is able to optimize every opportunity that exists, so that the fundamentals of APLN continue to improve. In the future we will continue to take the initiative and remain consistent in developing existing property projects," he explained.

From sharing property projects built in various regions, in the first quarter of 2023, APLN posted sales recognition of IDR 813.2 billion. Meanwhile, marketing sales outside VAT amounted to IDR 242 billion.

From the hotel business and shopping centers, APLN was able to push recurring income to IDR 337.8 billion, an increase from IDR 299.1 billion.

The momentum of Ramadan and Eid al-Fitr which can become a booster for hotel and shopping center businesses has not been fully reflected in the performance of the first quarter of 2023.

Currently, APLN still owns and manages a number of premium shopping centers in Jakarta and various major cities in Indonesia, including Kuningan City, Senayan City, Emporium Pluit, Deli Park Medan, Baywalk, CityLink Festival Bandung, and Plaza Balikpapan.

The company also manages a number of premium hotels including Pullman Ciawi Vimala Hills, Pullman and Ibis Styles Bandung Grand Central, Harris and Pop! CityLink Festival Bandung, Indigo Bali Seminyak, Amaris Thamrin City, and 101 Urban Jakarta Kelapa Gading.