PT Pakuwon Jati, Tbk.
Code: PWON.IJ (Bloomberg), PWON.JK (Reuters)
Affected By Pandemic, PWON 2020 Profit Remains Double Digit


Press Release

PT Pakuwon Jati (PWON) recorded net income of Rp 3,977 billion in 2020, a decrease of 44.8% from last year of Rp 7,202 billion. While EBITDA is Rp 2,051 billion, a decrease of 48,6% compared to last year which is Rp 3,992 billion.

 Rp billion


Affected by the pandemic, Company’s profit ratio of 2020 remains at 30% while keeping the cash flow healthy and positive to support Company’s capital expenditure as well as Company’s inorganic expansion in 2020 that was fully funded from internal cash flow. 

Income composition for the year 2020 consists of 58% recurring revenue and 42% development revenue which is consistent with Company’s growth strategy to keep the balance on recurring and development revenue. 

Company’s recurring revenue in 2020 amounting to Rp 2,300 billion, a decrease of 37.7% from Rp 3,693 billion in 2019. 

Development revenue of the Company is recorded at Rp 1,677 billion compared to last year of Rp 3,509 billion. Starting 2020, Company has applied sales recognition in accordance with PSAK 72 where sales are recognized based on handover of the units and no longer based on percentage of completion. 

Based on revenue per segment, biggest contribution comes from retail leasing and condominiums, which contribute 44% and 28% accordingly, landed house 12%, office leasing 7%, Hotels and Serviced Apartments 7%, and office sales 2%.

Q1 Marketing Sales of 2021 Grow by 17% yoy

Low interest rate and VAT incentive from government has pushed Company’s marketing sales in Q1 2021 to Rp 427 billion, a growth of 17% compared to last year. The marketing sales achieved is equivalent to 30.5% of Company’s target for 2021 of Rp 1,400 billion.

In 2020, Company recorded marketing sales of Rp 1,026 billion with selling composition of condominium 60%, landed houses 37%, and office 3%.

Capital Expenditure and Inorganic Expansion

Company’s capital expenditure of 2020 is mainly used to fund construction projects such as Kota Kasablanka phase 2, Tunjungan Plaza 6, Pakuwon Mall phase 3 and 4, East Coast Mansion as well as purchase of landbank amounting to Rp 874 billion. 

On the other hand, in November 2020 the Company has made acquisition on Hartono Mall Yogyakarta, Marriott Hotel Yogyakarta and Hartono Mall Solo with total acquisition price (including tax and other expenses) of Rp 1,236 billion.

About PT Pakuwon Jati Tbk.

Pakuwon Jati owns, manages, and develops properties who in 2021 has been operating for 39 years. Pakuwon Jati is the first real estate company to be listed on Indonesia stock exchange and has been listed since 1989. The company has a very well diversified business concept through property investment in which Pakuwon develops, owns, and manages shopping malls, office centers, and hotels, as well as sells strata title offices, condominiums, and township landed houses. Pakuwon Jati will continue to grow with balanced recurring and development revenue.

 The portfolio of properties owned by Pakuwon Jati:

  • Superblok Gandaria City, Jakarta (retail shopping mall, apartment, office and hotel)
  • Superblok Kota Kasablanka, Jakarta (retail shopping mall, apartment and office)
  • Somerset Berlian, Jakarta (serviced apartment)
  • Blok M Plaza, Jakarta (retail shopping mall)
  • Superblok Tunjungan City, Surabaya (retail shopping mall, apartment, office and hotels)
  • Superblok Pakuwon Mall, Surabaya (retail shopping mall, apartment, serviced apartment and hotels)
  • Royal Plaza, Surabaya (retail shopping mall)
  • Pakuwon City township (landed residential), Pakuwon City (retail shopping mall), dan East Coast Mansion (apartment under construction), Educity apartment, in east Surabaya
  • Grand Pakuwon township (landed residential) dan Food Junction (Hypermarket, culinary & leisure destination), in west Surabaya
  • Superblok Pakuwon Mall, Bekasi (retail shopping mall, apartment, hotel that will soon begin construction)
  • Hartono Mall Yogyakarta and Hotel (retail shopping mall and hotel)
  • Hartono Mall Solo (retail shopping mall)


For further information:

Minarto Basuki (Director and Corporate Secretary) 
PT Pakuwon Jati, Tbk.
EastCoast Center 5th Floor 
Jl. Kejawan Putih Mutiara No. 17, Surabaya
Telepon : (6231) 58208788