PWON AGMS Agree to Distribute Dividend of Rp 337 billion
JAKARTA, June 25, 2019 - In the annual public expose held after the AGMS of PT Pakuwon Jati Tbk at Hotel Sheraton Grand Jakarta, Minarto, Finance Director and Corporate Secretary of the Company stated that the GMS has approved the distribution of cash dividends from 2018 amounting to Rp 337 billion, 13% of the Rp 2,543 billion net income attributable to the parent.
This dividend of Rp 7 / share is up 17% compared to dividends paid out of the performance results of 2017, reflecting the Company's continued commitment to shareholders of PWON. In addition to dividend payments, Rp 1 billion is allocated for reserve funds and the rest is reinvested in the Company to strengthen the growth base of recurring and development revenue of the Company, Minarto explained.
Financial Performance 2018
PT Pakuwon Jati (PWON) posted a net income of Rp 7,081 billion, an increase of 23% from the previous year which amounted to Rp 5,749 billion. While comprehensive income was recorded at Rp 2,851 billion, up 42% from 2017 which amounted to Rp 2,002 billion.
The composition of income in 2018 consists of 49% recurring revenue and 51% development revenue, consistent with the Company's strategy to grow with a balanced income composition between recurring and development revenue.
The Company's 2018 recurring revenue reached Rp. 3,468 billion, up 16.1% compared to 2017, which amounted to Rp. 2,986 billion, supported by, among others, the increase in revenues that were fully operational from the second and third Pakuwon Mall shopping centers which were opened in February 2017 and Tunjungan Plaza The stage 6 mall which was opened in September 2017 as well as additional organic revenue from retail shopping centers and existing hotels of the Company.
The Company's development revenue in 2018 reached Rp. 3,613 billion, up 30.8% compared to 2017 which amounted to Rp. 2,763 billion, due to recognition of revenues from Anderson Pakuwon Mall Phase 4 apartments and home sales in Pakuwon City Surabaya.
The 2018 capital expenditure disbursed by the Company reached Rp 1,955 billion to finance the Kota Kasablanka Phase 2 construction projects, Tunjungan Plaza 6, Pakuwon Mall extension, and EastCoast Mansion as well as land acquisition.
2019 Growth Base
The Company's recurring revenue mainly from retail shopping centers will still provide additional organic revenue in 2019 with the completion of the Blok M renovation in March 2019 and the operation of phase 4 of Pakuwon Mall in the third quarter of 2019, and 2 hotels in Pakuwon Mall are planned to start operating in the beak second in 2019.
The Company's development revenue will also continue to grow with the recognition of revenues from the sale of apartments in the Pakuwon Mall Superblock (Anderson, Benson and La Viz) and apartments at EastCoast Mansion namely Amor and sales of Angelo, Bella and Chianti condos at Kota Kasablanka Superblock.
Overview of PT Pakuwon Jati Tbk.
Pakuwon Jati, is the owner, manager and property developer who entered his 37th year this year. The company has been listed on the IDX since 1989. The company has a well-diversified business concept through investment property, where Pakuwon develops, owns and manages commercial, office and hotel shopping centers and property development, besides Pakuwon Jati develops strata-tittle offices and condominiums. development of township for sale. Pakuwon Jati will continue to grow with a balanced growth strategy between recurring and development revenue.
The following is the Company's property portfolio:
· Superblock Gandaria City, Jakarta (retail shopping centers, apartments, offices and hotels)
· Kota Kasablanka Superblock, Jakarta (retail shopping centers, apartments and offices)
· Somerset Berlian, Jakarta (service apartment)
· Blok M Plaza, Jakarta (retail shopping center)
· Tunjungan City Superblock, Surabaya (retail shopping centers, apartments, offices and hotels)
· Pakuwon Mall Superblock, Surabaya (retail shopping centers, service apartments, as well as 4-star apartments and hotels and 5-star hotels under construction)
· Royal Plaza, Surabaya (retail shopping center)
· Pakuwon City township, East Surabaya (landed residential, retail shopping centers and apartments)
· Grand Pakuwon township, West Surabaya