PT Pakuwon Jati, Tbk.
Code: PWON.IJ (Bloomberg), PWON.JK (Reuters)
PWON Revenue Grow 13% in 1H 2024

 

Press Release

Financial performance 1H 2024

PT Pakuwon Jati (PWON) records net revenue in first semester of 2024 of Rp 3.26 trillion, an increase of 13% compared to same period last year of Rp 2.90 trillon. Gross Profit at Rp 1.85 trillion is 14% better than same period last year of Rp 1.62 trillion. EBITDA of Rp 1.79 trillion is at 10% increase compared to last year of  Rp 1.62 trillion. Adjusted net profit is recorded at Rp 1.35 trillion, 31% better than last year of Rp 1.03 trillion.

 

 

Company’s Recurring revenue 1H 2024 amounted to Rp 2.45 trillion, 11% increase compared to same period last year of Rp 2.21 trillion. This recurring revenue consist of revenue from retail mall of Rp 1.68 trillion, a 10% increase compared to Rp 1.53 trillion last year, office leasing revenue of Rp 157 billion that increased by 2% compared to same period last year of Rp 154 billion, and revenue from hospitality at Rp 609 billion, a 17% increase compared to Rp 522 billion same period last year. 

Company’s Development revenue 1H2024 amounted to Rp 811 billion, an 18% increase compared to Rp 688 billion at same period last year.

Revenue per segment breakdown is retail leasing 52%, hotel dan serviced apartment 19%, office leasing 5%, condominium 12%, landed houses sales 11% and office sales 1%.

 

Marketing Sales 1H2024 

Company recorded marketing sales in Semester 1 2024 at Rp 770 billion mainly comes from sales of landed house in Grand Pakuwon and Pakuwon City township and is bolstered by apartment sales in Pakuwon Bekasi, Pakuwon Mall Surabaya , Eastcoast Mansion Surabaya and One Icon tower in Tunjungan Plaza Surabaya.

Up until 1H 2024, Company has noted that 70% of total marketing sales are as a result of government tax incentive program (PPNDTP) that has been enforced by the government since Q42023. 

Sales breakdown in 1H 2024 is landed houses 54% and condominium and office 46%.

 

Capital Expenditure

Company has spent Rp 852 billion in capital expenditure during 1H 2024 and is mainly to fund construction of Pakuwon Mall Bekasi, Pakuwon City Mall Surabaya as well as for purchase of landbank in Semarang, area Pakuwon City and in Yogyakarta.

 

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 strategy to grow is to manage a balanced recurring and development revenue.

 

Below is the Company’s portfolio: 

  • Superblok Gandaria City, Jakarta (retail shopping center, apartment, office, and hotel)
  • Superblok Kota Kasablanka, Jakarta (retail shopping center, apartment, and office)
  • Somerset Berlian, Jakarta (serviced apartment)
  • Blok M Plaza, Jakarta (retail shopping center)
  • Superblok Tunjungan City, Surabaya (retail shopping center, apartment, office, and hotel)
  • Superblok Pakuwon Mall, Surabaya (retail shopping center, apartment, serviced apartment, and hotel)
  • Royal Plaza, Surabaya (retail shopping center)
  • Pakuwon City township (landed residential), Pakuwon City Mall (retail shopping center), Amor Tower, Pakuwon City Mall phase 3 and East Coast Mansion phase 2 (retail shopping center, hotel and apartment under construction), as well as Educity apartment, in east Surabaya
  • Grand Pakuwon township (landed residential) and Food Junction (Hypermarket, culinary & leisure destination), in West Surabaya
  • Superblok Pakuwon Mall, Bekasi (retail shopping center, apartment, and hotel that are under construction)
  • Pakuwon Mall Jogja dan Yogyakarta Marriot Hotel (retail shopping center and hotel)
  • Pakuwon Mall Solo Baru (retail shopping center)
  • 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