SSIA Optimistic Sales Of Industrial Estates Increase Until The End Of 2024

Capture the screen of PT Surya Semesta Internusa Tbk's Public Expose Live (SSIA)

JAKARTA - PT Surya Semesta Internusa Tbk (SSIA) today held a public expose (pubex) in the context of the 2024 Public Expose LIVE organized by the Indonesia Stock Exchange. In this pubex, SSIA explained the company's performance during the first half of 2024 and its subsidiaries from the property, construction and hospitality segments.

During the first semester of 2024, SSIA reported consolidated revenue of IDR 2.341 trillion. Revenue increased by 27.4 percent from IDR 1.838 trillion recorded in the first semester of 2023. This increase was mainly driven by increased construction revenue of 29.4 percent (IDR 364.2 billion), while revenue from the property and hospitality segment of SSIA increased by 10.8 percent and 28.0 percent (IDR 27.6 billion and IDR 111.3 billion), respectively.

VP Head of Investor Relations & Corporate Communications of PT Surya Semesta Internusa Tbk (SSIA), Erlin Budiman, said we are optimistic that the company's three main businesses will perform very well in 2024, especially in the sale of industrial land that shows an upward cycle when compared to 2010-2011. This expectation is based on the positive results of the 2024 Indonesian Election process.

SSIA raised its marketing target in 2024, for Suryacipta City of Industry Karawang and Subang Smartpolitan from 65 hectares to 184 hectares (or IDR 2.2 trillion in sales value). With the assumption that the marketing was achieved and recorded this year, FY24 SSIA's consolidated revenue is estimated to increase by around 23 percent to IDR 5.6 trillion, with net profit increasing by around 182 percent to IDR 500 billion.

SSIA reported an increase in EBITDA by 56.0 percent YoY to Rp286.9 billion at 1H24 from Rp183.9 billion at 1H23, as a result of an increase in property EBITDA by 57.9 percent (Rp23.7 billion) and hospitality EBITDA by 47.2 percent (Rp46.2 billion).

Meanwhile, SSIA's consolidated net profit at 1H24 was achieved at IDR 105.6 billion (from a net loss at 1H23 of IDR 51.2 billion). This increase was mainly due to the taking of SSIA's shares and SCS' new shares to PT Puri Bumi Lestari with a total of IDR 3.099 trillion.

In June, through the SSIA Extraordinary General Meeting of Shareholders (EGMS), PT Suryacipta Swadaya approved plans to sell part of the company's shares in PT Suryacipta Swadaya to investors and the issuance of new shares by PT Suryacipta Swadaya.

At the EGMS, SSIA also signed the Deed of Sale and Purchase of Shares and Deed of Shareholder Decision of PT Suryacipta Swadaya (SCS), for the issuance of New Shares with a total value of IDR 3.1 trillion to PT Puri Bumi Lestari (PBL).

"The company projects that SSIA's short-term and medium-term growth through Subang Smartpolitan still depends on global players in the manufacturing, technology and institution R&D. Meanwhile, in the long term, Subang Smartpolitan infrastructure will contribute to the Company's growth through services provided for tenants and the public, such as the provision of clean water, waste management, energy, gas, toll roads, and telecommunications services, all of which will contribute significantly to the Company's recurring income," Erlin concluded.