PT Pakuwon Jati (PWON) posted a net income of IDR 3,505 billion, an increase of 4% from the previous year of IDR 3,377 billion. While comprehensive income was recorded at Rp 1,635 billion, up 28% from 2018 which amounted to Rp 1,280 billion.

The composition of income in 2019 consists of 51% recurring revenue and 49% development revenue, consistent with the Company's strategy to grow with a balanced income composition between recurring and development revenue.

The Company's recurring revenue in 2019 reached Rp 1,775 billion, up 6.9% compared to 2018 which amounted to Rp 1,660 billion, supported by, among other things, increasing organic income from retail shopping centers and existing hotels of the Company.

 

The Company's development revenue in 2019 reached Rp 1,730 billion, up 0.8% compared to 2018 which amounted to Rp 1,717 billion, due to recognition of revenues from Benson apartments and La Viz Pakuwon Mall Phase 4.

 

Based on revenue per segment the biggest contribution was obtained from condo sales by 41.3%, retail leasing 39.1%, Hotel and Serviced Apartments 7.6%, landed houses 7%, office leasing 3.9% and office sales 1.1%

 

The first semester of 2019 capital expenditure has been disbursed by the Company to reach Rp. 755 billion to finance Kota Kasablanka Phase 2 construction projects, Tunjungan Plaza 6, Pakuwon Mall phase 3 & 4, and East Coast Mansion and land purchases.

 

2019 Growth Base

 

The Company's recurring revenue, from retail and hotel shopping centers will still provide additional organic revenue in 2019. With the completion of the Blok M Plaza renovation in the second quarter of 2019 and with the operation of the FourPoints hotel in Pakuwon Mall in the fourth quarter of 2019, the recurring revenue will increase 2019 and subsequent years. Whereas Pakuwon Mall Phase 4, Westin Hotel in Pakuwon Mall and East Coast Mall Phase 2 will operate in 2020.

 

The Company's development revenue will also continue to grow with the recognition of revenues from the sale of apartments in the Pakuwon Mall Superblock (Anderson, Benson and La Viz) and apartments at EastCoast Mansion namely Amor and recognition of Angelo, Bella and Chianti condominium sales at the Kota Kasablanka Superblock.

 

Overview of PT Pakuwon Jati Tbk.

 

Pakuwon Jati, is the owner, manager and property developer who entered his 37th year this year. The company has been listed on the IDX since 1989. The company has a well-diversified business concept through investment property, where Pakuwon develops, owns and manages commercial, office and hotel shopping centers and property development, besides Pakuwon Jati develops strata-tittle offices and condominiums. development of township for sale. Pakuwon Jati will continue to grow with a balanced growth strategy between recurring and development revenue.

 

The following is the Company's property portfolio:

• Superblock Gandaria City, Jakarta (retail shopping centers, apartments, offices and hotels)

• Kota Kasablanka Superblock, Jakarta (retail shopping centers, apartments and offices)

• Somerset Berlian, Jakarta (service apartment)

• Blok M Plaza, Jakarta (retail shopping center)

• Tunjungan City Superblock, Surabaya (retail shopping centers, apartments, offices and hotels)

• Superblok Pakuwon Mall, Surabaya (retail shopping centers, apartments, service apartments and hotels)

• Royal Plaza, Surabaya (retail shopping center)

• Pakuwon City township (landed residential), Eastcoast Center (retail shopping center), and Eastcoast Mansion (apartments that are under construction), as well as Educity apartments, in East Surabaya

• Grand Pakuwon township (landed residential) and Food Junction (Hypermarket, culinary & leisure destination), in West Surabaya