PT Pakuwon Jati, Tbk.
Stocks code: PWON.IJ (Bloomberg), PWON.JK (Reuters)
PWON recorded 14% increase of Gross Profit in 1Q2024

 

Press Release

1Q2024 Financial Performance

PT Pakuwon Jati (PWON) recorded net revenue in 1Q2024 at Rp 1,530 billion, 11% increased compare to the same period last year amounting Rp 1,385 billion. Gross profit increase by 14% to Rp 852 billion in 1Q2024 compare to Rp 747 billion in 1Q2023. While EBITDA in 1Q2024 reaching Rp 833 billion, 8% increase compare to Rp 771 billion in 1Q2023. Adjusted net income in 1Q2024 experienced 17% increment reaching Rp 549 billion compare to Rp 470 billion in 1Q2023

 

 

Recurring revenue in 1Q2024 reaching Rp 1,201 billion, 11% increase from Rp 1,084 billion in 1Q2023. Recurring revenue in 1Q2024 consist of retail mall revenue amounting Rp 826 billion, 11% increase compare to Rp 743 billion in 1Q2023, office leasing revenue which increase by 5% to Rp 84 billion comparing to Rp 80 billion in 1Q2023 and hospitality revenue amounting Rp 291 billion, 12% increase comparing Rp 260 billion in 1Q2023.

Development revenue in 1Q2024 reaching Rp 329 billion which experienced 9% increased comparing to Rp 301 billion in 1Q2023.

Retail leasing contributed 54% to total revenue, hotel and serviced apartment 19%, office leasing 5%, condominium sales 11%, landed house sales 9% and office sales 2%.

 

Marketing Sales 1Q2024 

PPN DTP (VAT Incentives) which continued by the government since Q4 2023, helped Company’s marketing sales in 1Q2024 reaching Rp 385 billion or increase 29% from Rp 298 billion in 1Q2023. 1Q2024 marketing sales mainly supported by landed house sales in Grand Pakuwon & Pakuwon city area, condominium sales in Superblock Pakuwon Bekasi, Bella tower in Pakuwon City Surabaya, Clayson tower in Pakuwon Mall Surabaya as well as the One Icon tower in Tunjungan Plaza 6.

59% of Company’s marketing sales in 1Q2024 coming from condominium and office while 41% coming from landed house.

 

Capital Expenditure

In 1Q2024, Company’s has spent Rp 323 billion to fund the construction of Pakuwon Mall Bekasi, Pakuwon City Mall phase 3 as well as acquiring land in Pakuwon City’s area.

 

Overview of PT Pakuwon Jati Tbk.

Pakuwon Jati is the owner, manager and property developer who, in 2024, has been in the field for 42 years. In 1989, Pakuwon Jati was the first property developer company to be listed on BEI and has been ever since. The Company adopted a well-diversified business concept through property investment, where Pakuwon Jati develops, owns and manages commercial shopping center, office buildings, hotels, as well as property development. Besides, Pakuwon Jati also develops office buildings, strata-title condominiums, and township-scale residential. Pakuwon Jati strives to continue growing with balanced recurring and development revenue.

Below is the Company’s portfolio:

  • Superblok Gandaria City, Jakarta (pusat perbelanjaan ritel, apartemen, perkantoran dan hotel)
  • Superblok Kota Kasablanka, Jakarta (pusat perbelanjaan ritel, apartemen dan perkantoran)
  • Somerset Berlian, Jakarta (apartemen servis)
  • Blok M Plaza, Jakarta (pusat perbelanjaan ritel)
  • Superblok Tunjungan City, Surabaya (pusat perbelanjaan ritel, apartemen, perkantoran dan hotel)
  • Superblok Pakuwon Mall, Surabaya (pusat perbelanjaan ritel, apartemen, apartemen servis,  dan hotel)
  • Royal Plaza, Surabaya (pusat perbelanjaan ritel)
  • Pakuwon City township (landed residential), Pakuwon City Mall (pusat perbelanjaan ritel), Amor Tower,  Pakuwon City Mall tahap 3 dan East Coast Mansion tahap 2  (pusat perbelanjaan ritel dan apartemen yang sedang dalam masa pembangunan), serta apartemen Educity, di Surabaya Timur
  • Grand Pakuwon township (landed residential) dan Food Junction (Hypermarket, culinary & leisure destination), di Surabaya Barat
  • Superblok Pakuwon Mall, Bekasi (pusat perbelanjaan ritel, apartemen, dan hotel yang seluruhnya sedang dalam masa pembangunan)
  • Pakuwon Mall Jogja dan Yogyakarta Marriot Hotel (pusat perbelanjaan ritel dan hotel)
  • Pakuwon Mall Solo Baru (pusat perbelanjaan ritel)
  • Four Points by Sheraton Bali, Kuta (hotel)

 

For further information, please contact :

Minarto Basuki (Director and Corporate Secretary) 
PT Pakuwon Jati, Tbk.

Pakuwon City Mall 5th Floor 
Jl. Kejawan Putih Mutiara No. 17, Surabaya
Phone : (6231) 58208788
Email: minartobasuki@pakuwon.com
Website: www.pakuwonjati.com