Squeezed By The Handover Of The Orange County Apartment, Lippo Cikarang Revenue Owned By The Conglomerate Mochtar Riady Only Capai Rp1.01 Trillion In Nine Months

Sales of Lippo Cikarang's property. (Photo: Doc. Antara)

JAKARTA - PT Lippo Cikarang Tbk posted revenue of IDR 1.01 trillion during the first nine months of 2022 based on the company's latest financial reports.

"This shows a 14 percent decline in the last year. However, this happened because of the handover of the Orange County apartment in 2021. Because, if it does not include the handover of the apartment, the total revenue will increase by 29 percent, which is driven by revenue from the residential and industrial segments," said CEO of PT Lippo Cikarang Rudy Halim, quoted by Antara, Thursday, November 3.

He said the revenue was generated from the contribution of landed house sales of 40 percent of total revenue, in contrast to last year's apartment-dominated with a proportion of 39 percent.

He admitted that despite the decline in revenue, the company's gross profit was recorded to have increased by five percent over the past year to Rp526 billion due to changes in revenue mix dominated by landed houses.

With the change in sales composition, the gross profit margin rate of the company owned by conglomerate Mochtar Riady increased to 52 percent from 42 percent last year.

The company is said to be able to manage operating expenses well because it can maintain at the same value last year of IDR 202 billion.

The company also successfully increased EBITDA's performance by showing an increase of seven percent from the same period last year to Rp341 billion. In line with the increase in gross profit margins, the company scored an EBITDA margin at a higher level at 34 percent.

In terms of pre-sales achievement, the company managed to grow by 33 percent compared to the previous quarter. The third quarter's marketing sales reached IDR 385 billion. Thus, the total marketing sales'' reached IDR 1.01 trillion during the first nine months of 2022 or 69 percent of the target.

"This pre-sale rate was driven by sales on the residential Waterfront Uptown and industrial land of Delta Silicon 3. Throughout the first 9 months, a total of 806 landed housing units, apartments, commercial and industrial land have been successfully sold by the company," he said.

Rudy said the pre-sales of landed houses were also driven by the initial launch of the Cendana Homes landed house series in Cikarang with the branding Cendana Spark which has a strategic location in front of Central Park Meikarta.