JAKARTA. PT Adhi Commuter Properti Tbk (ADCP), a real estate and property developer under PT Adhi Karya (Persero) Tbk (ADHI), recorded total revenue of IDR 563.7 billion in 2021.
ADCP’s revenue in 2021 reportedly dropped 42% year-on-year (yoy) or compared to the number reported in 2020. Based on idnfinancials.com data, ADCP’s revenue in 2020 clocked up to IDR 977.2 billion.
This depletion was caused by the slow performance in its property business and joint operations, as explained in the recently released financial report. In 2021, the revenue coming from the property business line was seen sliding off 48.4% yoy to IDR 411.72 billion. Meanwhile, the cash brought in by joint operations only reached IDR 85.07 billion, 25.9% yoy lower.
Despite the sharp revenue downturn, ADHI’s net profit in 2021 was only corrected 2.2% yoy to IDR 130.36 billion. It resulted from the increase of its net profit margin from 13.64% in 2020 to 23.13% in 2021. (KR/ZH)