After The IPO, Beautiful Gemilang Entrepreneurs Target 25 Percent Profit Growth

Illustration of the Rupiah (Photo: Doc. Antara)

PT Sapta Entrepreneur Gemilangindah Tbk (SAGE) targets net profit growth of up to 25 percent in 2023 after making its initial listing of shares on the Indonesia Stock Exchange.

SAGE President Director Edward Halim said the profit increase contribution would be obtained from the sale of the residential business segment.

"The percentage of revenue increases by 15 percent, and if our profit goes to 20 to 25 percent," said Edward in Jakarta, quoted on Thursday, March 9.

He, revealed that the company's profit reached IDR 4.8 billion in 2022 and revenue reached IDR 60 billion in 2022.

In its prospectus, it is known that SAGE will use IPO funds of IDR 10 billion for the purchase of new land acquisition around the development of the Cibinong New City project, Bogor.

Edward added that the additional land bank will be used for the next two years.

Later, continued Edward, the company will handle new projects such as the construction of the market.

"So in addition to the main products of the house and shophouses, we also develop markets, support facilities such as places to eat and others, similar to those already in the prospectus and development," explained Edward.

Just so you know, SAGE officially held an Initial Public Offering or IPO by offering as many as 1.61 billion shares or 20.04 percent of the company's issued and paid-up capital, with an offering price of IDR 100 per share.

Through the IPO, SAGE received funds of Rp. 161 billion, which is around Rp. 113.2 billion, which will be used to pay debts to third parties of PT Multi Mandiri Persada (MMP), in connection with the purchase of land around the company's operational area.

Then, around Rp. 30 billion will be used for the construction of the Cibinong New City housing project, the Sapta Villa Winner cluster stage 2 and part stage 3.

In addition, Rp10 billion will be used for additional land around the Cibinong New City area, and the rest will be used for operational working capital, such as payment of salaries, professional services, licensing costs, office needs, and others related to the company's operations.