Sentul City, Property Developer Owned By Conglomerate Stella Isabella Djohan Earns Revenue Of IDR 2.62 Trillion In The Third Quarter Of 2021

Ah Poong Market in Sentul City. (Photo: Doc. Sentul City)

JAKARTA - Issuer property developer PT Sentul City Tbk (BKSL) achieved an encouraging performance in the first nine months of this year. The revenue and profit of the company owned by conglomerate Stella Isabella Djohan increased rapidly in the third quarter of 2021.

In Sentul City's financial report, quoted on Tuesday, November 2, the company posted a 959.15% increase in annual revenue to Rp 2.62 trillion. Meanwhile, in the same period last year, BKSL's revenue was recorded at Rp. 247.54 billion

Sentul City also turned a profit to Rp313.36 billion at the end of the third quarter of 2021 from its previous position of net loss of Rp325.52 billion.

Meanwhile, the company's revenue was supported by sales of ready-to-build land, residential houses, shop houses, and apartments which soared 2,066.20 percent to Rp2.48 trillion from the previous Rp114.51 billion. Meanwhile, city management revenues fell 13.30 percent to Rp. 59.49 billion and revenues from hotels, restaurants and amusement parks rose 27.08 percent to Rp. 81.83 billion.

Sentul City President Director Tjetje Muljanto said the company's sales increase was supported by retail sales and block sales to local and foreign investors.

"This shows that the property business still has good opportunities for now and in the future. This also shows the interest of domestic and foreign investors to invest in Sentul City is increasing," said Tjetje.

Meanwhile, the increase in the company's income from the entertainment line is said to be in line with the recovery in real sector activity after the COVID-19 vaccination program was launched.

In terms of assets, BKSL's total assets fell by 7.12 percent since the beginning of the year to Rp17.06 trillion from the previous Rp18.37 trillion. Equity rose 3.17 percent to Rp10.57 trillion and liabilities fell 20.12% to Rp6.48 trillion.

"Liability decreased due to a decrease in long-term liabilities of the bank by Rp873 billion or 42 percent year-to-date," said Tjetje.

This is said by Tjetje to confirm the company's ability to fulfill its commitments to fulfill obligations to third parties properly. Meanwhile, the performance of the company's debt to equity ratio of 21.15 percent is currently far below the average of similar companies.

Meanwhile, the strengthening of the company's equity, said Tjetje, also came from the sale of AEON Mal's investment property and a block sales of Genting Property Malaysia this year.

"Currently, Sentul City is also negotiating with seven domestic and foreign investors, some of whom are developers and mall operators who are ready to cooperate with the company through KSO schemes, revenue sharing, land lease systems and break-up purchases," concluded Tjetje.