JAKARTA - PT Surya Semesta Internusa Tbk (SSIA) earned revenue of Rp 3.68 trillion in 2018. This revenue grew by 12.54% compared to the previous year which reached Rp 3.27 trillion.
The increase in SSIA's revenue was due to construction revenue which rose 14.8% year on year (yoy) to Rp 2.44 trillion at the end of 2018. Furthermore, from hospitality, it rose by 14.8% yoy to Rp 799.7 billion. Meanwhile, the SSIA property business line increased by around 6.5% yoy to Rp 439.4 billion supported by land sales of 8.6 hectares (ha).
SSIA's EBITDA also recorded a 12.2% growth yoy to Rp 452.5 billion. But the EBITDA margin is still stagnant at the level of 12.3%. Sales expenses also increased by 18% yoy to Rp 60.33 billion at the end of 2018.
However, SSIA's net profit plunged 96.8% to Rp 37.7 billion from the previous Rp 1.18 trillion. This drastic decline occurred because SSIA no longer recorded other revenues like last year.
Last year, Surya Semesta earned other revenues of Rp 1.82 trillion. This other income comes from the profit from the sale of investments and the transfer of rights to assets which reached Rp 1.73 trillion. In 2017, SSIA passed a subsidiary, namely PT Karsa Sedaya Sejahtera and PT Nusa Raya Cipta Tbk (NRCA), signed a conditional sale and purchase agreement with PT Astratel Nusantara in connection with the sale of certain rights in PT Bhaskara Utama Sedaya and PT Lintas Marga Sedaya.
Karsa Sedaya Sejahtera and NRCA sell and transfer rights to SSC and NRC assets exclusively to Astratel. This is what caused SSIA's net profit to soar in 2017 and dropped dramatically last year. (AM/LM)