Property Developer Owned By The Ciputra Conglomerate Earns IDR 1.32 Trillion Profits, IDR 8.07 Trillion In Revenue

The late Ciputra Conglomerate. (Photo: Doc. Antara)

JAKARTA - The property company, PT Ciputra Development Tbk, posted an encouraging performance in 2020. The company coded CTRA shares recorded double-digit profit increases in 2020 even though the economy was affected by the COVID-19 pandemic.

Quoted from Ciputra Development's financial report, Friday, April 16, the company owned by the late Ciputra conglomerate posted a profit of IDR 1.32 trillion. This achievement was up 14.05 percent compared to the previous year IDR 1.15 trillion.

Meanwhile, the increase in profit is in line with revenue growth of 6.07 percent on an annual basis (year on year/yoy) to IDR 8.07 trillion in 2020. In 2019, the company recorded revenues of IDR 7.60 trillion.

In terms of revenue contribution, net sales of a number of property and land products still dominate. It was recorded that sales of residential houses and shophouses increased by 19.70 percent yoy to IDR 4.64 trillion.

Furthermore, apartment sales were also living with an increase of 23.52 percent yoy to IDR 1.08 trillion. The higher increase was recorded by the sale of lots of 28.59 percent yoy to IDR 414.31 billion.

Only office sales contracted by 24.15 percent yoy to IDR 455.94 billion last year. Meanwhile, CTRA's recurring income was recorded to have grown by 6.07 percent yoy to IDR 8.07 trillion.

Meanwhile, Ciputra Development's recurring income comes from revenue from commercial centers, hospitals, office rentals, hotels, golf courses, and others.