INPP Optimistic To Reach 20 Percent Revenue Increase In 2023

Photo: Doc. Indonesian Paradise Property

JAKARTA - A company engaged in the Commercial, Hotel and Property Sales sector, PT Indonesian Paradise Property Tbk (INPP) targets an increase in revenue of 20 percent in 2023.

The target figure is based on the company's strong performance throughout 2023 and positive prospects for 2024.

Based on the Outlook of Tourism and Creative Economy 2023/2024 of the Indonesian Ministry of Tourism and Creative Economy, Indonesia's economic growth is estimated to be in the range of 5 percent in 2024, quite high compared to other countries in the Asia Pacific region. Consumers are also predicted to prioritize their spending on tourism and traveling after the pandemic.

The retail business in Indonesia is also expected to grow stronger in 2024, the chairman of APRINDO, the Indonesian Retail Traders Association, estimates growth of 4-4.3 percent in 2024 despite challenges from the upcoming elections.

These factors show that INPP will most likely achieve positive growth in 2024.

INPP President Director Anthony P Susilo explained, so far, 2023 has been a very good year for us, with an increase of 42 percent in recurring income.

"We are optimistic to report that we remain on track with a 2023 target. The strong growth experienced in the third quarter of 2023 can be attributed to a strong recovery in the hotel and commercial sectors, especially most of our strategic assets located in Bali, namely the main tourist destination", he explained in his official statement Monday, December 11.

Anthony added that Property Sales have shown a strong threefold increase going forward, and believe that prospects for the fourth quarter of 2023, particularly during the holiday season, will continue to be positive and contribute to increased hotel and commercial activity.

INPP has built a strong presence in Indonesia over the past 21 years, after building various commercial, residential, and hotel lifestyle destinations such as Plaza Indonesia in Jakarta, beachwalk shopping centers in Bali, and 23 Paskal Shopping Centers in Bandung.

Throughout 2023 INPP has completed the construction of Antasari Place in May 2023, where the handover schedule is scheduled to be completed in 2024. Hyatt Place in Makassar, which focuses on the hotel sector, is expected to be completed in the fourth quarter of 2023.

In addition, several other interesting projects are currently underway, such as the expansion project of 23 Paskal Bandung and the 23 Semarang project, both of which are predicted to be completed in 2025.

INPP is unique compared to other developers because of its ability to generate recurring income which makes them more flexible in responding to changes in interest rates and other fluctuations that are usually a scourge for developers.