PWON AGMS Agree Not To Distribute Dividend
PT Pakuwon Jati. Tbk,
Code: PWON,IJ (Bloomberg). PWON,JK (Reuters)
PWON AGMS AGREE NOT TO DISTRIBUTE DIVIDEND
SURABAYA. July. 5 2021 – In this year's public exposure, held after annual shareholder meeting at The Westin Surabaya, Minarto, company's director of finance and corporate secretary, announced that there would be no distribution of dividend for fiscal year of 2020.
In April 19, 2021, the company issued initial notes of US$300 million and additional notes of US$100 million at interest rate of 4.875% maturing in 7 years with main purpose to settle 2024 notes of US$250 million and for general corporate purpose.
Financial Performance 2020
For 2020 financial year, Pakuwon Jati recorded net income of Rp 3,977 billion, a decline of 44,8% from the previous year of Rp 7,202 billion. Meanwhile, EBITDA is recorded at Rp 2,051 billion, declining 48.6% from last year's Rp 3,992 billion.
Even when affected by the pandemic, company's profit ratio is still at 30% and company's cash flow is strong and positive and is still able to fully fund capital expenditure as well as organic expansion done in 2020.
Income composition of 2020 consisted of 58% recurring revenue and 42% development revenue. This is consistent with Company's mission to grow with balanced recurring and development income.
Company's recurring revenue of 2020 amounting to Rp 2,300 billion, a decrease of 37.7% compared to that of last year of Rp 3,693 billion.
In line with recurring revenue, the development revenue in 2020 amounting to Rp 1,677 billion compared to last year of Rp 3,509 billion. Starting 2020, company has implemented PSAK 72 where sales recognition is based on handover of units and no longer based on percentage of completion.
Based on the revenue per segment, retail leasing and condominiums contributed the most with 44% and 28% respectively. Landed house contributed 12%, office leasing 7%, hotel and serviced apartments 7%, and office sales 2%.
Marketing Sales 1Q 2021 increased 17% yoy
The lower interest rate and VAT incentives from the government has successfully pushed company's marketing sales in 1Q 2021 to Rp 427 billion, an increase of 17% compared to same period last year. The marketing sales achieved is equivalent to 30.5% of the company's total sales target of Rp 1.400 billion.
In 2020, the company has recorded Rp 1.206 billion of sales which consisted of 60% condominium, 37% landed house and 3% office sales.
Capital Expenditure and Inorganic Expansion
Capital expenditure of 2020 to fund project such as Kota Kasablanka phase 2, Tunjungan Plaza 6, Pakuwon Mall phase 3 and 4, East Coast Mansion as well as purchase of landbanks amounted to Rp 874 billion.
On top of that, at the end of November 2020, the company has acquired Hartono Mall Yogya, Marriott Hotel Yogyakarta and Hartono Mall with the total amount of (including tax and other expenses) Rp 1,260 billion.
Overview of PT Pakuwon Jati Tbk
Pakuwon Jati, is the owner, manager and property developer who entered his 39th in 2021. 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)
- East Coast Mansion (apartment under construction), Educity apartment, East Surabaya
- Grand Pakuwon township (landed residential) and Food Junction (Hypermarket, culinary & leisure destination), West Surabaya
- Pakuwon Mall Superblock, Bekasi (retail shopping center, service apartments and hotels to be built)
- Hartono Mall Yogyakarta and Hotel (retail shopping center and hotel)
- Hartono Mall Solo (retail shopping center)
For additional information, please contact :
Minarto Basuki (Director and Corporate Secretary)
PT Pakuwon Jati, Tbk.