BSD, Property Developer Owned By Conglomerate Eka Tjipta Widjaja Earns Marketing Sales Of IDR 4.5 Trillion In Semester I 2021

Illustration. (Photo: Doc. Bumi Serpong Damai)

JAKARTA - The property developer, PT Bumi Serpong Damai Tbk or BSD, has achieved marketing sales or pre-sales reaching IDR 4.5 trillion in the first semester of 2021. This achievement is already 65 percent of the target set by this BSDE stock-coded issuer.

For information, the company owned by the late conglomerate Eka Tjipta Widjaja is targeting marketing sales of IDR 7 trillion throughout 2021. Hermawan Wijaya, Director of BSDE said the company managed to book pre-sales in the residential segment of IDR 3 trillion or contributed 67 percent of the total achievement.

"The rest was contributed from the commercial segment which reached IDR 1.2 trillion or representing 26 percent of the total achievement, which consisted of commercial lots mostly sold in BSD City for IDR 452 billion, strata title (apartments/condominiums) for IDR 304 billion and shophouses for IDR 411. billion", Hermawan said at the Public Expose Live event, held by the Indonesia Stock Exchange (IDX), Tuesday, September 7.

The vertical developments sold are mostly supported by The Elements in Rasuna CBD Jakarta, Southgate in TB Simatupang, Aerium West Jakarta, and apartment units in BSD City. Meanwhile, most of the shophouses were contributed by the TabeSpots, Virginia Arcade, and West Park projects in BSD City.

Hermawan added, BSD City - Serpong was recorded as the project with the highest contribution at 48 percent, followed by Nava Park (23 percent). The second tier contributors were Grand Wisata (8 percent), The Zora (7 percent), Legenda Wisata (3 percent), and Kota Wisata (3 percent).

Solid Growing Financial Performance

In the first six months of 2021, BSDE's financial performance also displayed an impressive performance. Operating income during the first six months grew 39.20 percent or reached IDR 3.25 trillion compared to the same period last year of IDR 2.34 trillion.

If detailed further, this figure comes from various business segments owned by BSDE. It was recorded that the housing segment contributed 36 percent or the largest, then the land sales segment was ranked second with a contribution of 31 percent, commercial 11 percent, rental 11 percent, property management 5 percent, and construction 4 percent.

Other hotels and recreation arenas each contribute 1 percent to total operating revenues. If combined, land, buildings, and strata title accounted for 79.04 percent of the consolidated BSDE's Operating Income. This segment in the first six months recorded revenue of IDR 2.57 trillion, significant growth of 47.22 percent compared to the second quarter of 2020, which was IDR 1.75 trillion.

The rental income segment was recorded as the second-largest contributor with achievement of around 11.23 percent or equivalent to IDR 365.32 billion. Meanwhile, in the same period in 2020, this segment was recorded to reach IDR 417.36 billion.

Another significant addition came from the construction segment, last year this segment did not contribute to BSDE's consolidated revenue. In the first semester of 2021, the construction segment contributed IDR 151.47 billion. This is inseparable from the commencement of toll road construction work carried out by the Subsidiary which is 100 percent owned by BSDE.

"This toll road project is BSDE's investment to increase recurring revenue. Apart from making a positive contribution to future revenues, the completion of this toll road will increase access to our property projects. So residential owners will find it easier to access and improve the value of the property they have", explained Hermawan.

The solid growth in operating income has a positive impact on profit performance. Gross profit grew 36.35 percent to IDR 2.19 trillion compared to last year's achievement of IDR 1.60 trillion.

"If we break down by type of income, revenue from development (development revenue) contributes 78 percent, while recurring income is 22 percent of the total Consolidated Operating Income", added Hermawan.

Meanwhile, operating profit jumped 129.48 percent to IDR 1.12 trillion compared to last year's IDR 488.74 billion. Even the profit for the period attributable to owners of the parent entity in the first six months was recorded at IDR 680 billion, a reverse from a loss of IDR 192.68 billion in the first half of 2020.