JAKARTA. PT Diamond Citra Propertindo Tbk (DADA) managed to significantly minimise the costs of goods sold in 2020 by 43.3%. Therefore, despite a decline in sales, the company still enjoyed a 109.77% surge in its profit to IDR 11.16 billion.
According to the financial report, DADA recorded the revenue of IDR 92.79 billion by the end of 2020, decreasing by 17.51% year-on-year (yoy) compared to the end of 2019 of IDR 112.48 billion. The Dave Apartment unit sales contributed IDR 48.23 billion, while Apple Residence sales added IDR 48.44 billion.
DADA managed to press down its costs of goods sold by 43.3% yoy in 2020, from IDR 88.51 billion to IDR 50.18 billion. This action resulted in the increased gross profit, climbing up from IDR 24 billion to IDR 42.62 billion.
Although DADA still experienced an increase in the operating expenses by 37.94% to IDR 23.24 billion, the net profit remained positive, even skyrocketed 109.77% from 5.32 billion to IDR 11.16 billion. Meanwhile, total assets were at IDR 387.16 billion, liabilities IDR 249.32 billion, and equity IDR 337.84 billion. Lastly, the company’s cash and cash equivalents were reported at IDR 22.61 billion by the end of 2020. (AM/ZH)