Summarecon, Property Developer Of Conglomerate Soetjipto Nagaria Raises Revenue Of IDR 5.56 Trillion And Profit Of IDR 323 Billion In 2021

Photo: Doc. Supreme Summarecon

JAKARTA - The property developer belonging to the Soetjipto Nagaria conglomerate, PT Summarecon Agung Tbk (SMRA) recorded a good performance in 2021. The company's profits and revenues were able to grow significantly last year.

In Summarecon's financial report, quoted Monday, March 28, the company experienced a surge in profit for the year attributable to owners of the parent entity by 80.45 percent to IDR323 billion compared to the same period last year, which was IDR179 billion. Profit growth was dominated by home sales.

The home sales segment to third parties jumped 36.68 percent to IDR2.72 trillion from previously contributing IDR 1.99 trillion in 2020. Followed by sales in the apartment segment of IDR 715.68 billion, commercial buildings of IDR 446.63 billion, plots and offices each contributed IDR 175.84 billion and IDR 53.59 billion, and others of IDR 36 billion.

In addition, the company also recorded an increase in income from the property investment segment, which amounted to IDR 917.71 billion, up 2.69 percent from the previous IDR 893.63 billion. The largest contribution was contributed by the mall and third-party retail segments, which was IDR 809.20 billion.

The growth of these segments managed to raise SMRA's net income to IDR5.56 trillion. This achievement increased by 10.76 percent from the previous IDR 5.02 trillion.

Then the direct cost of goods sold was recorded at IDR2.97 trillion, also an increase of 8.79 percent from the previous year in 2020 which was IDR2.73 trillion. Thus, the total gross profit of SMRA was recorded at IDR 2.59 trillion.

Selling and general administrative expenses amounted to IDR306.21 billion and general administrative expenses to IDR733.35 billion, respectively, an increase of 11.16 percent and a decrease of 1.78 percent. Meanwhile, SMRA's operating expenses also increased significantly from IDR 2.46 billion in 2020 to IDR 1.80 billion at the end of 2021.

The profit from SMRA was strengthened by financial income which recorded a slight increase of 1.03 percent to IDR 192.29 billion from the previous IDR 190.33 billion. Profit on the equity of the association shot to IDR 8.30 billion, up 37.40 percent from IDR 6.07 billion.

Meanwhile, until the end of December 2021, the company's total assets amounted to IDR 26.04 trillion, consisting of non-current assets of IDR 13.01 trillion and current assets of IDR 13.03 trillion. Meanwhile, total liabilities were IDR 14.81 trillion, a decrease of 6.44 percent from the previous IDR 15.83 trillion.