PT Pakuwon Jati, Tbk.
Stock Code: PWON.IJ (Bloomberg), PWON.JK (Reuters)
1st Quarter 2020, EBITDA PWON Stable

Press Release

PT Pakuwon Jati (PWON) recorded net income for 1st quarter 2020 of Rp 1,651 billion, a decline of 3.5% from last year of Rp 1,711 billion. This year’s gross profit is recorded at Rp 977 billion, declining 1% compared to Rp 987 billion last year. Meanwhile, EBITDA is stable at Rp 978 billion while last year’s was recorded at Rp 973 billion.

Loss on foreign exchange has booked Rp 558 billion due to accounting treatment and therefore has resulted in comprehensive profit of Q1 2020 Rp 128 billion.  Loss on foreign exchange recorded is due to USD – IDR exchange rate per 31 March 2020 of Rp 16,367 per USD with BI middle rate of 31 December 2019 of Rp 13,901 per USD. For this, company has done hedging for obligation of USD 250,000,000 (mature in 2024). The loss on foreign exchange will diminish as Rupiah strengthens agains USD, which as per June 2020 is at Rp 14,200 per USD.

Comprehensive profit without counting in loss on foreign exchange is booked at Rp 686 billion, declining 14% from Rp 198 billion in 2019. 


Revenue in 2020 is composed of 54% recurring revenue and 46% development revenue. This structure is in line with Company’s strategy to grow with balanced recurring and development revenue.

In 2020, company achieved Rp 898 billion of Recurring revenue an increase of 1,3% compared to 2019 of Rp 887 billion, supported by increase in organic income from shopping centers and existing hotels and the opening of Four Points Pakuwon Indah Surabaya since December 8, 2019. 

Company’s Development revenue reaching Rp 752 billion declining from Rp 824 billion last year. Starting in 2020, Company has imposed sales recognition in accordance with PSAK 72 where sales is recognised based on handover of the unit and no longer based on percentage of completion. 

Retail leasing and landed houses contribute the most to company’s revenue per segment. They contributed 42% dan 25% accordingly while Condominium contributed 19%, Hotel dan Serviced Apartments 8%, office leasing 4% and office sales 2%

Expenses for 2020 amounting to Rp 336 billion was to fund construction projects of Kota Kasablanka Phase 2, Tunjungan Plaza 6, Pakuwon Mall phase 3, 4, 5, East Coast Mansion and purchase of land banks. 


About PT Pakuwon Jati Tbk.

Pakuwon Jati owns, manages, and develops properties established 38 years ago and has been listed in Indonesia stock exchange since 1989. The company has a very well diversified business concept through property investment in which Pakuwon develops, owns, and manages shopping malls, office centers, and hotels, as well as sells strata title offices, condominiums, and township landed houses. Pakuwon Jati will continue to grow with balanced recurring and development revenue.

Here is the portfolio of properties owned by Pakuwon Jati:

  • Superblok Gandaria City, Jakarta (retail shopping mall, apartment, office and hotel)
  • Superblok Kota Kasablanka, Jakarta (retail shopping mall, apartment and office)
  • Somerset Berlian, Jakarta (serviced apartment)
  • Blok M Plaza, Jakarta (retail shopping mall)
  • Superblok Tunjungan City, Surabaya (retail shopping mall, apartment, office and hotels) 
  • Superblok Pakuwon Mall, Surabaya (retail shopping mall, apartment, serviced apartment and hotels)
  • Royal Plaza, Surabaya (retail shopping mall)
  • Pakuwon City township (landed residential), Pakuwon City (retail shopping mall), dan East Coast Mansion (apartment under construction), Educity apartment, in east Surabaya
  • Grand Pakuwon township (landed residential) dan Food Junction (Hypermarket, culinary & leisure destination), in west Surabaya
  • Superblok Pakuwon Mall, Bekasi (retail shopping mall, apartment, hotel that will soon begin construction)


For further information:

Minarto Basuki (Director and Corporate Secretary) 
PT Pakuwon Jati, Tbk.
EastCoast Center 5th Floor 
Jl. Kejawan Putih Mutiara No. 17, Surabaya
Telepon : (6231) 58208788