Hotel To Golf Revenue Skyrockets, Hary Tanoe's MNC Land Earns IDR 144.5 Billion Net Profit

Lido City (Photo: Doc. MNC Land)

JAKARTA - PT MNC Land Tbk (KPIG) continued its solid performance after the COVID-19 pandemic had paralyzed the Entertainment & Hospitality industry.

Citing information disclosure, KPIG's revenue increased significantly to Rp1.12 trillion in 2022. This amount jumped 60.3 percent from the previous year of Rp700 billion.

This was driven by the skyrocketing revenue in the hotel, resort and golf segments by 306.3 percent to IDR 507.5 billion from IDR 124.9 billion in 2021. Followed by the security service segment and others with IDR 385.3 billion, growing 4.3 percent from IDR 369.5 billion in 2021.

Sequencing according to segmentation, the largest contributors came from hotels, resorts and golf with 45.2 percent of total revenue, followed by security services and others with 34.3 percent, office room rental with 19.6 percent, and finally apartments and other properties with 0.9 percent.

The company recorded EBITDA of IDR 190.6 billion, representing 17.0 percent of the EBITDA margin in 2022. Followed by a net profit of IDR 179.5 billion throughout 2022, which rose 24.2 percent from IDR 144.5 billion in the previous year.

Recovery is also seen in the quarter-on-quarter comparison, where KPIG's revenue soared 22.1 percent from Rp305.6 billion in the third quarter of 2022 to Rp373 billion in the fourth quarter of 2022.

Meanwhile, EBITDA and the Company's net profit were recorded at IDR 64.1 billion and IDR 114.7 billion in the last quarter of 2022, respectively.