PWON - PT. Pakuwon Jati Tbk

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JAKARTA - PT Pakuwon Jati Tbk (PWON) allocates IDR 1.35 trillion of its total capital expenditure (capex) of approximately IDR 2.4 trillion to acquire landbank and enhance its operating assets this year. Until the end of the first half of 2023, this constituent of Indeks52 has realised IDR 756 billion of its capex.

Alexander Stefanus Ridwan, President Director of Pakuwon Jati, confirmed that the capex allocation consists of IDR 856 billion for new projects and renovations, IDR 165 billion for the acquisition of Four Points in Kuta, Bali, as well as IDR 1.35 trillion for any opportunities in acquiring landbank and operating assets.

“The allocation of development and renovation is made up of IDR 400 billion for land acquisition in Bekasi, IDR 250 billion for ECM Tower project, and IDR 100 billion for renovations of malls, hotel in Jogja, and mall in Solo, as well as the project completion in PM (Pakuwon Mall), Kokas (Kota Kasablanka), and TP (Tunjungan Plaza)," he explained during an exclusive talk with IDNFinancials in Gandaria8 Office, South Jakarta, today (15/8).

According to Ridwan, the company has concluded the acquisition of 12.4-hectare land in Batam for IDR 372 billion. The source of fund is its budgeted capex. The lot in Batam, he said, will be gradually developed starting next year after obtaining the required licenses. “The development plan in Batam consists of retail mall, 2 hotels, and 3 apartments,” he revealed.

In the first half of 2023, this issuer collected IDR 2.89 trillion of revenue, increasing from IDR 2.75 trillion seen in the same period last year. The gross profit also grew from IDR 1.41 trillion to IDR 1.61 trillion, resulting in net profit that proliferated from IDR 89.48 billion to IDR 1.24 trillion.

The primary contributor of PWON’s revenue from its users’ contracts, amounting to IDR 1.95 trillion, followed by office space lease of IDR 908.16 billion, and apartment service of IDR 33.08 billion.

The revenue from users’ contracts includes the maintenance service of IDR 415.21 billion, condominium and office sales of IDR 281.36 billion, hotel affair revenue of IDR 488.64 billion, land sales of IDR 406.57 billion, and other sources of IDR 363.51 billion. (LK/ZH)