Lippo Karawaci, Owned By Conglomerate Mochtar Riady, Earns Revenue Of IDR 16.53 Trillion In 2021

Photo: Doc. Lippo Karawaci

JAKARTA - Property developer owned by conglomerate Mochtar Riady, PT Lippo Karawaci Tbk (LPKR), managed to record a 38 percent increase in revenue in 2021 to IDR 16.53 trillion from the previous IDR 11.96 trillion in 2020.

The increase in revenue, among others, came from real estate development which grew 36 percent to IDR 4.41 trillion, supported by completed landed housing projects, such as Waterfront Estates Cikarang and Cendana Homes Lippo Village, as well as the handover of apartment units in Holland Village Jakarta. , Embarcadero Bintaro, Hillcrest and Fairview Towers Lippo Village, and Orange County Cikarang.

In addition, the pre-sales performance also continued to exceed the target. The pre-sales figure in 2021 reached IDR 4.96 trillion, an increase of 86 percent YoY (year on year) and 18 percent above the revised target of IDR 4.2 trillion.

LPKR CEO John Riady stated, that in 2021 LPKR's property business will continue to strengthen, supported by an increase in pre-sales. The company's hospital business also reported the best results, as well as an increase in malls, hotels, and other LPKR businesses by the end of 2021.

"Currently, we are in a good position to develop 2021 results in moving towards 2022", he said in a written statement, Thursday, April 7.

LPKR's management estimates that this sales momentum will remain strong in 2022 with an estimated pre-sales performance of IDR5.2 trillion or a growing 5 percent YoY from the figure during 2021.

Health and other service business revenues increased 40 percent during 2021 to IDR12.09 trillion from IDR8.63 trillion. In addition, the decline in COVID-19 cases in the fourth quarter of 2021 had a positive impact on malls, hotels, parking, and other LPKR businesses. LPKR also posted an increase in 2021 EBITDA of 93.5 percent to IDR3.69 trillion from IDR1.91 trillion in 2020.