Pakuwon, Alexander Tedja Conglomerate Owner Of Kota Kasablanka Mall And Gandaria City's Profit Plummets 65 Percent

Conglomerate Alexander Tedja. (Photo: Doc. Forbes)

JAKARTA - Property company, PT Pakuwon Jati Tbk is affected by the COVID-19 pandemic. PwON's stock-coded company posted a decline in revenue and profit throughout 2020.

Quoted from Pakuwon's financial report, Monday, April 12, the company recorded revenues worth Rp3.97 trillion in 2020. The achievement decreased by 44.77 percent compared to the previous year's achievement of Rp7.02 trillion.

The decrease in revenue also eroded the profit of this Surabaya-based property company. The company owned by conglomerate Alexander Tedja recorded a net profit of Rp929.91 billion in 2020 or a decrease of 65.80 percent compared to the previous year of Rp2.71 trillion.

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

Judging from the contribution of revenue, the sale of condominiums and offices became the main supplier of revenues worth Rp1.19 trillion. However, the achievement decreased by 60.87 percent compared to the previous year of Rp3.04 trillion.

Meanwhile, rental income for serviced rooms and apartments was recorded at Rp1.09 trillion, down 37.58 percent from Rp1.75 trillion. Meanwhile, in this segment the income is dominated by the rental income of the room.

Pakuwon Jati's total assets stood at Rp26.45 trillion in 2020 or grew 1.39 percent from Rp26.09 trillion.

Gandaria City Mall. (Photo: Doc. Pakuwon Jati)

Pakuwon is the "king of malls" in the country, because it has a series of leading shopping centers, Pakuwon-owned malls include Gandaria City Mall Jakarta, Kota Kasablanka Mall, Jakarta, Blok M Plaza Jakarta, Tunjungan City Mall 1-6 Surabaya, Pakuwon Mall Surabaya, Pakuwon City Mall Surabaya, and Royal Plaza, Surabaya.

In November 2020, Pakuwon also officially added its shopping center portfolio. They bought Hartono Mall Yogyakarta and Hartono Solo Baru from Duniatex Group.

Alexander Tedja himself is the 27th richest person in Indonesia by Forbes as of December 2020. The tycoon has a fortune of USD1.19 billion or around Rp17.25 trillion.