Sentul City, Property Company Owned By Conglomerate Stella Isabella Djohan Raised Revenue Of IDR 2.42 Trillion And Profit Of IDR 234 Billion

AEON Mall in the Bukit Sentul area. (Photo: Doc. Sentul City)

JAKARTA - Property developer PT Sentul City Tbk managed to get a performance spike in the first half of 2021. The revenue and profit of the BKSL stock coded issuer grew significantly in the first six months of this year.

In Sentul City's financial report, quoted on Wednesday, September 1, the company owned by Isabella Djohan posted revenue growth of 1,420 percent to IDR 2.42 trillion from the same period last year of IDR 159.30 billion.

As a result, Sentul City's profit turned around to IDR 294.46 billion in the first semester of 2021. In contrast to the net loss position attributable to owners of the parent entity in the first semester of 2020 amounting to IDR 234.49 billion.

Meanwhile, the increase in revenue was mainly supported by a surge in sales of ready-to-build land, residential houses, shop houses, and apartments by 2,975 percent to IDR 2.32 trillion from the previous IDR 75.54 billion.

Meanwhile, hotel, restaurant, and amusement park revenues rose 27.83 percent to IDR 58.38 billion from the previous IDR 45.67 billion, and city management revenues rose 5.72 percent to IDR 40.26 billion from the previous IDR 38.08 billion.

President Director of Sentul City, Tjetje Muljanto, said that in the midst of Indonesia's economic conditions which were hit by the negative effects of the COVID-19 pandemic and the decline in consumer purchasing power, the company has succeeded in carrying out business expansion and measures to improve performance in the first semester of 2021.

"Such as cost savings and the sale of strategic assets so that the company's revenue in the first semester of 2021 was IDR 2.4 trillion, already exceeding the total 2020 sales of IDR 452 billion", Tjetje said in a written statement.

Tjetje pointed out that the main support for the company's revenue increase, one of which came from the sale of investment properties, namely AEON Mall, which negotiations had been planned for a long time.

This is said to be proof that the company still has good trust from international investors, namely Japanese investors who are very selective in making business decisions.

Furthermore, the company was able to reduce its total liabilities by 21 percent since the beginning of the year to IDR 6.4 trillion from the previous IDR 8.1 trillion. From this amount, current liabilities decreased by 5.3 percent YTD to IDR 3.09 trillion.

Tjetje explained that this realization illustrates that the company remains committed to fulfilling its obligations to third parties so that it has an impact on a significant decrease in the company's liabilities.

In the future, Tjetje said Sentul City will continue to focus on developing innovative and sustainable green urban areas by providing comfort for residents and visitors to "live, play, work & visit".

Meanwhile, Sentul City will develop a new area in area of about 250 hectares. There, the company again opens opportunities for cooperation in the form of strategic partners with several developers.

"Supported by an integrated master plan and attractive facilities, the Company is committed to making Sentul City the main destination for residential, tourism, and investment that supports the development of the South Sentul area and its surroundings with the concept of one-stop living", concluded Tjetje.